On July 1, 2024, your pension contribution rates will increase by 0.6 per cent of your pensionable earnings.
Effective July 1, 2024, contribution rate (A), the per cent of pensionable earnings below the YMPE*, will increase to 8.2% and contribution rate (B), the per cent of pensionable earnings above YMPE, will increase to 10.0%.
Learn more about how you contribute to your pension.
*Year’s maximum pensionable earnings (YMPE) is set by the Government of Canada, which is $68,500 for 2024.
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 help maintain a sustainable pension plan!
When will this be reflected on my pay?
Your contributions are deducted directly from your bi-weekly pay. Depending on which 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 25, 2024 |
| Infrastructure Health and Safety Association (IHSA) | July 25, 2024 |
| Public Services Health and Safety Association (PSHSA) | July 25, 2024 |
| Workplace Safety and Prevention Services (WSPS) | July 25, 2024 |
| Workplace Safety North (WSN) | July 25, 2024 |
| Workplace Insurance and Safety Employee Trust (WISE Trust) | August 8, 2024 |
*Contribution rate changes take effect on the first day of the pay period either on or immediately following the July 1st contribution rate effective date.
Our 2023 Annual Highlights for Members marks WISE Trust’s fourth annual report. With three full calendar years under our belt since converting to a Jointly Sponsored Pension Plan (JSPP), we are proud to see our membership grow to over 10,000 active, retired, and deferred members.
Our 2023 edition provides an outlook on a progressive year dedicated to collaboration, growth and continued delivery of our defined benefit pension promise to members. This report provides a year in review and explores our investment performance, membership highlights and much more.
Key Highlights from 2023
What is included in the Highlights for Members report?
- Letter from the Co-Chairs of the Board of Trustees
- Letter from our CEO, Christopher Brown
- Data on our financial performance and funded status
- Member survey results
- Investment insights and more!