Cola Increase 2024 Ontario. Cpp and oas provide a base of retirement income, but most canadians need additional private savings and pensions for adequate funds in retirement. The maximum monthly cpp payment increased by 4.4% from $1,306.57 in 2023 to $1,364.60 in 2024.

In 2024, all pensions will receive the full 4.8% increase. Major settlements are those involving bargaining units of 500 or more employees.