Severance Pay for Retiring Lightkeepers is Finished!

You all know what severance pay is do you not?

Severance pay is pay (and sometimes benefits) an employee receives when he or she leaves employment. Severance pay is most typically offered for employees who are laid off or retire.

Just recently the the Canadian Government, Treasury Board Branch, has forcibly modified the collective agreements of these three groups PA, SV and EB  so that Severance Pay is no longer paid upon retirement. It is still available if you are laid off.

PA Program and Administrative Services SV Operational Services EB Education and Library Science
Administrative Services (AS)  Firefighters (FR)  Education (ED)
Information Services (IS)  General Labour and Trades (GS)  Library Science (LS)
Programme Administration (PM)  Heating, Power and Stationary Plant Operations (HP)  Library Science (LS)
Welfare Programmes (WP)  Hospital Services (HS)  
Communications (CM)  Lightkeepers (LI)   
Data Processing (DA)  Ships’ Crews (SC)   
Clerical and Regulatory (CR)  Printing Operations (Advisory) (PR(S)) 
Office Equipment (OE)  Secretarial, Stenographic and Typing (ST)

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Canadian Government Pension Plans for Retiring Lighthouse Keepers

All Canadian government employees who are eligible for retirement are eligible for:
The Public Service Pension Plan (PSPP)
Canada Pension Plan (CPP)
Old Age Security (OAS) pension at age 65

You are entitled to a Public Service pension (immediate annuity), if you retire:(source)

  • at or after age 60 with two (2) or more years of pensionable service; or
  • at or after age 55 with 30 or more years of pensionable service.

A Public Service pension is calculated according to the following basic pension formula:(source)

2 per
cent

 X 

number of years of
pensionable service

 X 

your average salary for the five
consecutive years of your highest-paid
service

 

Maximum Pension Payable To You Is ONLY For 35 Years Which Equals 70%.

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