The Board approved a 0.49% Cost-of-Living Adjustment (COLA) for eligible pension recipients, which will be included in the July 2021 pension payments.
This increase is equal to 2/3 of the increase in the Canadian Consumer Price Index for 2020, which was 0.73%. A history of CSSB COLA percentages since 1977 can be found here.
This increase also applies to eligible members with a deferred account.
The actuary has continued to express concern that, unless changes are made, the Account will not be able to meet the target of granting additional COLA’s each year at the rate of 2/3 of the increase in the Consumer Price Index. The Board shares this concern.
The Superannuation and Insurance Liaison Committee, which represents plan members in negotiating plan benefits, is studying the sustainability of the COLA Account.