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A message shared thousands of times on social media claims that the Canada Pension Plan was renamed as the Federal Benefit Payment, sparking outrage from seniors. But this claim is false; the program was not renamed and the message, which contains factual inaccuracies, has been circulating for years. The government is now referring to our Canada Pension checks as a Federal Benefit Payment. This isn't a benefit. It is our money paid out of our earned income! says an October 21, 2021 Facebook post . Screenshot taken on October 27, 2021 of a Facebook post Similar Facebook posts can be found here , here , here and here . The Canada Pension Plan (CPP) is a federal program covering retirement pensions, disability benefits, and survivor benefits. The CPP retirement pension is a monthly payment replacing part of one's income upon retirement. The payment amount depends on earnings and contributions made to the program throughout one's working life, and the age of the recipient. But claims that the program was renamed Federal Benefit Payment are false, officials say. Samuelle Carbonneau, a spokeswoman for Employment and Social Development Canada -- the federal department that oversees pensions -- told AFP that the Canada Pension Plan is not changing its name. Contribution rates The post also claims: Not only did we all contribute to our pension but our employers did too. It totalled 15% of our income before taxes. But according to the federal government's spokeswoman, the CPP contribution rate has never been 15 percent. Prior to the introduction of the CPP enhancement that began in 2019, workers in Canada made contributions of 4.95 percent on their earnings above the basic exemption of $3,500, up to the limit on covered earnings which increases with wages each year. These contributions are matched by their employers, and the self-employed pay both shares, for a total of 9.9 percent, she said. The program was modified in 2019 to increase the amount of monthly payments in exchange for higher contributions, but the changes do not apply to people who stopped working before 2019, and contribution rates do not reach 15 percent. This table from the Canadian government's website details the contribution rates until 2023. Screenshot taken on October 27, 2021 of CPP contribution rates Carbonneau also noted that CPP contributions do not belong to the federal government and that it cannot access the funds for any purpose other than to pay current and future CPP pensions and benefits to eligible contributors. This Fund was designed to ensure that the CPP remains financially sound and sustainable for the long term, even as payouts of pensions and benefits increase with the aging of the population and the retirement of the large baby-boom generation, she said. Assets of the CPP that aren't currently needed to pay pension, disability and survivor benefits are invested by the Canada Pension Plan Investment Board (CPP Investments), which is independent of the Canada Pension Plan and operates at arm's length from federal or provincial governments, according to the Crown corporation's website . AFP Fact Check previously examined a false claim about Canada's pension fund investments. Almost 10 years ago, fact-checking website Snopes examined a similar message circulating in the United States. The posts currently being shared appears to be the same message revamped to fit a Canadian context. The Canada-based National Association of Federal Retirees also wrote a mythbusting article after it said it received numerous copies of the false message from their members. We stand behind our claim that this is complete and utter nonsense not supported by the facts, the association said in an emailed statement to AFP. We urge our members, and indeed all Canadians, who encounter such claims to be wary, be critical and seek advice from trusted information sources like the National Association of Federal Retirees, the statement said.
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