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LETTER: 'Paltry' CPP increase does little to combat inflation

Reader wonders if he made 'wrong decision' retiring in Canada rather than United States, given Canada Pension Plan payments

MidlandToday welcomes letters to the editor at [email protected]. Please include your daytime phone number and address (for verification of authorship, not publication).

CORRECTION: The 2023 increase for both OAS and CPP payments is actually 6.3% and not 2.6% as indicated in the following letter.

Dear Editor,

I am dismayed at the paltry increase in our pension payments, effective January 2023.

The increase was only 2.6% despite inflation consistently running over 7%. My contributions to CPP began in early 1969 and finished during 2012-----43 years. And I contributed the maximum employer and employee amounts for most of those years.

I had many opportunities over the years to relocate to the United States, but declined to do so, preferring what I believed to be a better quality of life in Canada. Maybe I made the wrong decision as Social Security (their pension plan) payments south of the border increased by 8.7% on January 1 despite them having an almost identical inflation rate.

It's time that senior citizens were treated better in Canada.

Gerald Duffy

Midland