The pension indexation rate effective Jan. 1, 2025, is 2.7%

Rate calculation;

Consumer Price Index (CPI) data published by Statistics Canada is used each year to calculate pension increases for retired members and their survivors. The index used for the calculation is the CPI for Canada for all items (not seasonally adjusted).

The increase for 2025 is calculated by completing the following 2 steps:

The increase for 2025 is calculated by completing the following 2 steps:

Step	Calculation instructions	Calculation
1.	Subtract the monthly average for the first 12-month period (October 2022 to September 2023) from the monthly average for the second 12-month period (October 2023 to September 2024).	160.1 – 155.9 = 4.2
2.	Divide the result by the monthly average for the first period and multiply it by 100.	(4.2 ÷ 155.9) x 100 = 2.7%

Note: The calculation does not include the monthly increases for the last three months of the previous year (October to December). These rates will be incorporated in the following year’s calculation.

The following data were used to calculate the 2025 pension increase.

Monthly evolution of the Consumer Price Index (CPI)

Month/Year	CPI%	Month/Year	CPI %
Information on the calculation of this index can be found on the Government of Canada website.
October 2022	153.8	October 2023	158.6
November 2022	154.0	November 2023	158.8
December 2022	153.1	December 2023	158.3
January 2023	153.9	January 2024	158.3
February 2023	154.5	February 2024	158.8
March 2023	155.3	March 2024	159.8
April 2023	156.4	April 2024	160.6
May 2023	157.0	May 2024	161.5
June 2023	157.2	June 2024	161.4
July 2023	158.1	July 2024	162.1
August 2023	158.7	August 2024	161.8
September 2023	158.5	September 2024	161.1
Total	1,870.5	Total	1,921.1
Monthly Average	155.9	Monthly Average	160.1

The pension indexation rate effective Jan. 1, 2024, is 4.2%

Rate calculation;

Consumer Price Index (CPI) data published by Statistics Canada is used each year to calculate pension increases for retired members and their survivors. The index used for the calculation is the CPI for Canada for all items (not seasonally adjusted).

The increase for 2024 is calculated by completing the following 2 steps:

Step	Calculation instructions	Calculation
1.	Subtract the monthly average for the first 12-month period (October 2021 to September 2022) from the monthly average for the second 12-month period (October 2022 to September 2023).	155.9 − 148.8 = 7.1
2.	Divide the result by the monthly average for the first period and multiply it by 100.	(7.1 ÷ 148.8) × 100 = 4.8%

2021-2022 Month/Year	2021 to 2022 Consumer Price Indext	2022 to 2023 Month/Year	2022 to 2023 Consumer Price Index
October 2021	143.9	October 2022	153.8
November 2021	144.2	November 2022	154.0
December 2021	144.0	December 2022	153.1
January 2022	145.3	January 2023	153.9
February 2022	146.8	February 2023	154.5
March 2022	148.9	March 2023	155.3
April 2022	149.8	April 2023	156.4
May 2022	151.9	May 2023	157.0
June 2022	152.9	June 2023	157.2
July 2022	153.1	July 2023	158.1
August 2022	152.6	August 2023	158.7
September 2022	152.7	September 2023	158.5
Total	1,786.1	Total	1,870.5
Monthly average for 2021-2022	148.8	Monthly average for 2022-2023	155.9

The pension increase (indexing rate) for 2024 is the percentage increase in the monthly average CPI. This is calculated by subtracting the monthly average for the first period (October 2021 to September 2022) from the average for the second period (October 2022 to September 2023), then dividing this amount by the monthly average for the first period and finally multiplying it by 100, as follows:

• 155.9 − 148.8 = 7.1
• (7.1 ÷ 148.8) × 100 = 4.8% (indexing rate for 2023)

Report a problem or mistake on this page

Share this page