from OMERS (November 22, 2023)
The 2024 inflation adjustment is 4.42%. The 2023 inflation adjustment exceeded the 6% maximum by 0.51%. As a result, members and survivors who received an inflation adjustment on January 1, 2023 (e.g., those whose pensions commenced before December 2022) and whose pension is still in pay on January 1, 2024, will receive an excess adjustment of 0.51% that will be included in their 2024 inflation adjustment for a total of 4.93%.
The 2024 inflation adjustment is 100% of the percentage increase in the 12‑month average Consumer Price Index (CPI) for the period ending in October over the average for the same period in the previous year, up to a maximum increase of 6%. The formula for calculating the OMERS inflation adjustment is set out in the OMERS Plan text.
While the 2024 inflation adjustment applies to all pensions in payment, members and survivors whose pensions began in 2023 (prior to December) will receive a pro-rated increase. Pensions that begin in December 2023 will be eligible to receive their first increase on January 1, 2025 provided the pension is still in pay.
You can read the full report here
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