OMERS pensioners to receive an increase of 6.00% in 2023
For benefits earned on or before December 31, 2022, OMERS uses the average of the CPI for the 12-month period ending in October and compares it to the average for the same period in the previous year. The percentage increase determines the inflation adjustment for pensions up to a maximum increase of 6%. The formula for calculating the OMERS inflation adjustment is set out in the OMERS Plan text.
The 2023 inflation adjustment was calculated to be 6.51%, as illustrated in the tables below. As this exceeds the 6% maximum, pensions will increase in January 2023 by 6% and the 0.51% excess will be applied to a pension impacted by this maximum in a future year when the inflation adjustment (for benefits earned on or before December 31, 2022) is less than 6%, provided the impacted pension is still in pay.
OMERS inflation protection increases retirement, disability and survivor pensions. Members whose pensions began in 2022 (prior to December) will receive a pro-rated increase. Members whose pensions begin in December 2022 will be eligible to receive their first increase on January 1, 2024.
2023 OMERS Calculation
CPI Index - 2020/21
CPI Index - 2021/22
% Change
November
137.7
144.2
4.72%
December
137.4
144.0
4.80%
January
138.2
145.3
5.14%
February
138.9
146.8
5.69%
March
139.6
148.9
6.66%
April
140.3
149.8
6.77%
May
141.0
151.9
7.73%
June
141.4
152.9
8.13%
July
142.3
153.1
7.59%
OMERS formula smooths out volatility and results in relatively more stable year-over-year inflation increases.
Pensioners are notified of their increase in late December through the Annual Statement of Pension provided to retired members and survivors, listing their inflation-adjusted pension amount for 2023. The statements are posted on the secure member portal, myOMERS, or mailed to members who prefer to receive their pension information by mail.
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The 2023 OMERS inflation adjustment increases retirement, disability and survivor pensions earned on or before December 31, 2022. SRI does not apply to the 2023 inflation adjustment.