OMERS 2023 Increase


From OMERS News/Pension News

OMERS pensioners to receive an increase of 6.00% in 2023

November 17, 2022

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.