On July 1, 2022, your pension contribution rates will increase by 0.6 per cent of your pensionable earnings.
Effective July 1, 2022, contribution rate A (the per cent of pensionable earnings below the YMPE*), will increase to 7.0 per cent and contribution rate B (the per cent of pensionable earnings above YMPE), will increase to 8.8 per cent.
*Year’s maximum pensionable earnings (YMPE) is a number set by the Government of Canada at $64,900 for 2022.
Learn more about how you contribute to your pension and the contribution formula.
When will this be reflected on my pay?
Your contributions are deducted directly from your bi-weekly pay. Depending on which WISE Trust participating employer you work for, you’ll see the contribution increase on the following pay date:
| WISE Trust Participating Employer | Pay Date |
|---|---|
| Workplace Safety and Insurance Board (WSIB) | July 28, 2022 |
| Infrastructure Health and Safety Association (IHSA) | July 28, 2022 |
| Public Services Health and Safety Association (PSHSA) | July 28, 2022 |
| Workplace Safety and Prevention Services (WSPS) | July 14, 2022 |
| Workplace Safety North (WSN) | July 28, 2022 |
| Workplace Insurance and Safety Employee Trust (WISE Trust) | July 28, 2022 |
Why is this happening?
Since July 1, 2020, member contribution rates have gradually increased by 0.6 per cent of pensionable earnings per year and will do so until the funding for the Plan reaches a 50/50 employer-member cost-sharing ratio. By doing this together, we will help maintain a sustainable pension plan!
Learn more about how your WISE Trust pension is funded.
Got a minute to learn more about your pension?
Here are some topics you might be interested in:
- Your pension features
- Advantages of a defined benefit pension plan
- Purchasing pensionable service
- Getting ready for retirement