Colin Mayes has retired as MP for North Okanagan-Shuswap.

Retiring MP defends pension package

Canadian Taxpayers Federation says Colin Mayes will receive a lifetime pension of $1,365,686.

North Okanagan-Shuswap’s retiring MP is putting his compensation package in perspective.

The Canadian Taxpayers Federation says Colin Mayes, who was in office for almost 10 years, will receive an annual pension of $47,126 and a lifetime pension of $1,365,686.

“I have to live a long time to collect that money,” said the 67-year-old.

“I hope I do but Jim Flaherty (former finance minister) didn’t. They could do that with an RCMP officer or a teacher or anyone with a pension. It doesn’t make me special.”

Mayes also points out that he paid into the parliamentary pension program for almost a decade at about $117,393.

“You go into a job and they say, ‘It’s your compensation package.’ It was the contract for employment.”

For MPs who retired or were defeated on Monday, the CTF says taxpayers contributed $17 for every $1 put into the plan by an MP towards their pension.

After January 1, 2016, the ratio will gradually shift to a ratio of $1.60 in taxpayer contributions for every $1 put in by an MP or senator.

“These pension changes are a welcome step towards broader public sector pension reform,” said Aaron Wudrick, CTF federal director.

“We encourage the new government to take the necessary steps to ensure government employee pensions are more in line with what the vast majority of Canadians working in the private sector expect to receive.”

 

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

BREAKING: Protesters set up beside Vernon highway

The peaceful protest is in solidarty with Wet’suwet’en

Suspects wanted in attempted robbery of Vernon senior

Police are searching for man behind attempted assault last month

Mental health disorders, suicide on the rise among Okanagan students

The survey was conducted by the McCreary Centre Society in 2018

Okanagan youth drink, smoke and have sex more than anywhere else in B.C.

The survey was conducted by the McCreary Centre Society in 2018

Cyclist hit by semi truck in Vernon

Cyclist sustained non-life threatening injuries; police investigating

Swinging with the Stars: Team Crimson

Swinging with the Stars raises funds for the Central Okanagan Hospice Association

Okanagan researchers fighting to keep Canadian wine thriving

Throughout their growth, grapes must survive a wide range of diseases before being made into wine.

Exclusive: Pamela Anderson talks plans for waterfront Ladysmith property after 12-day marriage

Anderson says she can pay her own bills. Peters denies making comments suggesting she can’t

Burger King breaks the mould with new advertising campaign

The company is known for irreverent ad campaigns

Maggie and Tim: B.C. residential school survivor turns to faith, forgiveness in mourning son

A young man’s tragic death and his mother’s survival through hardship

BREAKING: Protesters set up blockade on CP Rail tracks near Salmon Arm

Signs at protest site say in solidarity with Wet’suwet’en

RDOS hears concerns about 5G wireless technology

Potential safety concerns raised as communications technology expands

PHOTOS: RCMP call on kids to name latest police puppy recruits

This year’s theme is the letter ‘N,’ and 13 German shephards must be named

Future Olympians invited to UBC Okanagan for RBC Training Ground

Okanagan athletes aged 14 to 25 can test their skills in front of Olympic officials Feb. 29

Most Read