Government of Canada has the same calculation - 1.4 percent x the CPP and CPP2 cap and 2.0 percent of balance of best five years x years of service. For example, for a current 25 year employee where the current CPP2 cap is $81,200 and best five year pay average is $100,000 gives you ($81,200 x 1.4% x 25) + ($18,800 x 2.0% x 25) = $28,420 + $9,400 = $37,820 per year
Government of Canada has the same calculation - 1.4 percent x the CPP and CPP2 cap and 2.0 percent of balance of best five years x years of service. For example, for a current 25 year employee where the current CPP2 cap is $81,200 and best five year pay average is $100,000 gives you ($81,200 x 1.4% x 25) + ($18,800 x 2.0% x 25) = $28,420 + $9,400 = $37,820 per year
Thank you very much foe the information 🙏
Mine is union. We get 100% at age 62, if we withdraw before 62 we lose 6% per year, same as taking CPP before 65.