DURATION OF PRE-RETIREMENT BENEFIT
8. Every pre-retirement benefit period established under these Regulations in respect of an employee shall commence with the date on which his unemployment insurance benefit period is terminated and shall terminate when he attains the age of 65 years, or on the date on which he becomes eligible to receive retirement pension under the Canada Pension Plan or the Quebec Pension Plan, whichever is the earlier.
MAXIMUM PRE-RETIREMENT BENEFIT
9. (1) The maximum pre-retirement benefit of an employee in respect of whom a pre-retirement benefit period has been established under these Regulations is a weekly sum of money equal to sixty-six and two-thirds per cent of his average weekly insurable earnings, which amount shall be rounded to the nearest cent in accordance with subsection 12(2).
(2) For the purpose of subsection (1), the insurable earnings of an employee for any week of employment pursuant to an agreement under section 37 of the Act shall be
(a) the amount the employee would have earned in that week if he had worked a full working week of the same employer, or
(b) the maximum weekly insurable earnings of an insured person under the Act
whichever is the lesser.
- SOR/78-787, s. 3;
- SOR/79-282, s. 4;
- SOR/80-87, s. 1.
DEDUCTION FOR EARNINGS
10. There shall be deducted from pre-retirement benefits payable to an employee an amount equal to
(a) $0.66 2/3 for each dollar obtained by the employee as
(i) earnings from employment or self-employment,
(ii) pension benefits from employer pension plans that were earned as a result of employment,
(iii) vacation pay, and
(iv) any income other than that described in subparagraphs (i) to (iii) that is received during the pre-retirement benefit period established under these Regulations as a result of current or previous employment; and
(b) $1 for each dollar obtained by the employee as unemployment insurance benefit received during a pre-retirement benefit period established under these Regulations.
ANNUAL ADJUSTMENT OF BENEFITS
11. (1) Where a lay-off occurs as a result of which a pre-retirement benefit is authorized to be paid to an employee, the monthly amount of that benefit shall be adjusted annually so that the pre-retirement benefit payable to the employee for a month in any year following the year in which the lay-off occurs is the product obtained by multiplying
(a) the pre-retirement benefit for that month
(b) the ratio that the Pension Index for the year bears to the Pension Index for the year in which the lay-off occurred.
(2) In this section, “Pension Index” has the same meaning as in section 43.1 of the Canada Pension Plan, and the Pension Index for any year means the Pension Index for that year calculated in the manner described in that section.
- SOR/79-282, s. 5.
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