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HomeNewsDefeated Peterborough-Kawartha MP To Receive Approximately $137,000 Severance, Millions More Paid Out...

Defeated Peterborough-Kawartha MP To Receive Approximately $137,000 Severance, Millions More Paid Out To Others According To Taxpayers Federation

KAWARTHA LAKES-The Canadian Taxpayers Federation released its calculations of estimated pension or severance payments paid to the 51 members of Parliament who were either defeated in the federal election or did not seek re-election.

“Taxpayers shouldn’t feel too bad for the politicians who lost the election because they’ll be cashing big severance or pension cheques,” said Franco Terrazzano, Federal Director with the CTF. “Thanks to past pension reforms, taxpayers will not have to shoulder as much of the burden as they used to. But there’s more work to do to make politician pay affordable for taxpayers.”

Peterborough-Kawartha MP Maryam Monsef who was defeated in the election will not receive a pension as she was just months short of the length of service required but she will receive approximately $137,000 in severance according to the federation. Monsef was defeated by Conservative candidate Michelle Ferreri in the September 20th federal election.

Calculations done by the taxpayers federation found defeated or retiring MPs will collect $1.4 million in annual pension payments, reaching a cumulative total of $42 million by age 90. In addition, $3.3 million in severance cheques will be issued to former MPs.

Four former MPs will gather more than $100,000-plus a year in pension income. These pension payments will cost more than $13.6 million if these MPs continue to collect the pension to age 90. The four former MPs include:

  • Steven Blaney: annual pension = $101,000; pension to age 90 = $4,404,300
  • Wayne Easter, annual pension = $138,400; pension to age 90 = $2,805,800
  • Peter Kent, annual pension = $100,500; pension to age 90 = $1,282,300
  • Geoff Regan, annual pension = $147,400; pension to age 90 = $5,159,000

Members of parliament received two pay raises during the pandemic, ranging from an extra $6,900 for a backbench MP to $13,800 for the prime minister.

The CTF is calling for politician pay and pension reform, in light of the $1-trillion federal debt. Reforms should include transitioning the MP pension plan to a matching RRSP-style pension, ending severance payments and reversing the pandemic pay hikes they say.

“There’s one trillion reasons why politician pay and benefits need to be more affordable,” said Terrazzano. “Taxpayers need to see leadership at the top and that means reforming pensions and reversing the pandemic pay raises that MPs pocketed.”

The pension and severance calculations for each defeated or retired MP can be found here.

 

 

Pamela Vanmeerhttps://www.kawartha411.ca/
Pamela VanMeer is a two time winner of the prestigious Radio Television Digital News Association (RTDNA) Award. Her investigative reports on abuse in Long Term Care Homes garnered international attention for the issue and won the Ron Laidlaw Award. She is a former reporter and anchor at CHEX News, now Global Peterborough and helped launch the New CHEX Daily, a daily half hour talk show. While at CHCH News in Hamilton she covered some of the biggest news stories of the day.

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