Provincial finance ministers met with their federal counterparts in Vancouver on Monday and agreed to enhance the public pension plan.
Premiums will be boosted by $7 per month starting in 2019.
The only provinces that didn’t sign the agreement were Manitoba and Quebec, which has its own pension plan.
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READ MORE: 5 things you need to know about proposed CPP deal
By 2023, an extra $34 a month in premiums to be matched by employers, will mean up to $4,300 more in annual payouts come retirement time for the average wage earner.
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