CampCricket
Jr. Member
- Reaction score
- 11
- Points
- 80
I know Trudeau promised to bring back the old pension... and I may be one of the few that isn't hollering for the previous system... I have been well looked after under the NVC... But that aside... I was happy to see what he was able to do for us... Especially the bump to the lump sum - and if I am reading it correctly... it looks like the bump will be retroactive to 2006 when they first started handing out awards.
For 2016 the 100% max level is $310,378.59
For 2017 Trudeau will bump that to $360,000
That's almost a 14% increase - if my math is still good. So am I correct in thinking that those of us already in receipt of an award with get a bump of around that 14% mark to align it with this new limit in 2017.
For those that haven't read the new budget - here is a copy and paste on the Veterans enhancements:
Financial Support for Veterans
Since the creation of the New Veterans Charter in 2006, the range of programs, services and benefits under the Charter have been gradually updated over time. However, veterans groups as well as the Veterans Ombudsman have noted that the Charter needs to be enhanced to meet the needs of modern-day veterans. Budget 2016 therefore proposes significant enhancements to financial benefits for modern-day veterans. The proposed investment includes:
• Increasing the Disability Award (maximum increased to $360,000 in 2017) for injuries or illnesses caused or worsened by military service, and aligning it with other New Veterans Charter benefits by indexing it to inflation. Higher Awards would be paid retroactively to all veterans who have received an Award since the introduction of the New Veterans Charter in 2006.
• Expanding access to higher grades of the Permanent Impairment Allowance to better support veterans who have had their career options limited by a service-related illness or injury. The potential impact of the permanent and severe impairments on veterans' career advancement opportunities would be considered in determining the appropriate level of financial support. The benefit would also be renamed Career Impact Allowance to better reflect the intent of the program.
• Increasing the Earnings Loss Benefit to provide income replacement of 90 per cent of gross pre-release military salary for injured veterans participating in Veterans Affairs Canada's rehabilitation or vocational assistance program or with injuries preventing them from suitable and gainful employment. The indexation of this benefit would also no longer be capped at 2 per cent and would be allowed to keep pace with inflation. Finally, the calculation of the minimum benefit would be amended to be based on a senior private's salary instead of a basic corporal's salary.
These measures represent a significant investment that would greatly improve income support to disabled veterans, including both veterans transitioning to the civilian workforce as well as those with injuries preventing them from suitable and gainful employment. In particular, these measures would ensure that disabled veterans who are unable to return to the workforce because of their injuries receive higher lifelong financial support.
In consultation with the veterans' community, the Government also understands there is a significant desire to better design veterans' financial support programs going forward—and that the Government should take the appropriate time to work with veterans to ensure programs meet the needs of those injured in the line of duty.
Over the next year, the Government will work with the veterans' community to examine the best way to streamline and simplify the system of financial support programs currently offered by Veterans Affairs Canada and National Defence for veterans and their families. The overall objective of this work will be to ensure that the Government delivers programs and services in a way that is veterans-centric and facilitates a seamless and successful transition from military to civilian life.
Based on current projections of demand for the programs, the Government expects that $1.6 billion over five years, starting in 2016–17, would flow to veterans and their families in the form of higher direct payments. However, public sector accounting standards require that the present value of all increased future payments to eligible recipients be recognized up front when changes are made to veterans benefit plans. The budgetary expense associated with the increase in benefits for eligible recipients amounts to $5.6 billion over six years, starting in 2015–16.
http://www.budget.gc.ca/2016/docs/plan/ch5-en.html#_Toc446106788
For 2016 the 100% max level is $310,378.59
For 2017 Trudeau will bump that to $360,000
That's almost a 14% increase - if my math is still good. So am I correct in thinking that those of us already in receipt of an award with get a bump of around that 14% mark to align it with this new limit in 2017.
For those that haven't read the new budget - here is a copy and paste on the Veterans enhancements:
Financial Support for Veterans
Since the creation of the New Veterans Charter in 2006, the range of programs, services and benefits under the Charter have been gradually updated over time. However, veterans groups as well as the Veterans Ombudsman have noted that the Charter needs to be enhanced to meet the needs of modern-day veterans. Budget 2016 therefore proposes significant enhancements to financial benefits for modern-day veterans. The proposed investment includes:
• Increasing the Disability Award (maximum increased to $360,000 in 2017) for injuries or illnesses caused or worsened by military service, and aligning it with other New Veterans Charter benefits by indexing it to inflation. Higher Awards would be paid retroactively to all veterans who have received an Award since the introduction of the New Veterans Charter in 2006.
• Expanding access to higher grades of the Permanent Impairment Allowance to better support veterans who have had their career options limited by a service-related illness or injury. The potential impact of the permanent and severe impairments on veterans' career advancement opportunities would be considered in determining the appropriate level of financial support. The benefit would also be renamed Career Impact Allowance to better reflect the intent of the program.
• Increasing the Earnings Loss Benefit to provide income replacement of 90 per cent of gross pre-release military salary for injured veterans participating in Veterans Affairs Canada's rehabilitation or vocational assistance program or with injuries preventing them from suitable and gainful employment. The indexation of this benefit would also no longer be capped at 2 per cent and would be allowed to keep pace with inflation. Finally, the calculation of the minimum benefit would be amended to be based on a senior private's salary instead of a basic corporal's salary.
These measures represent a significant investment that would greatly improve income support to disabled veterans, including both veterans transitioning to the civilian workforce as well as those with injuries preventing them from suitable and gainful employment. In particular, these measures would ensure that disabled veterans who are unable to return to the workforce because of their injuries receive higher lifelong financial support.
In consultation with the veterans' community, the Government also understands there is a significant desire to better design veterans' financial support programs going forward—and that the Government should take the appropriate time to work with veterans to ensure programs meet the needs of those injured in the line of duty.
Over the next year, the Government will work with the veterans' community to examine the best way to streamline and simplify the system of financial support programs currently offered by Veterans Affairs Canada and National Defence for veterans and their families. The overall objective of this work will be to ensure that the Government delivers programs and services in a way that is veterans-centric and facilitates a seamless and successful transition from military to civilian life.
Based on current projections of demand for the programs, the Government expects that $1.6 billion over five years, starting in 2016–17, would flow to veterans and their families in the form of higher direct payments. However, public sector accounting standards require that the present value of all increased future payments to eligible recipients be recognized up front when changes are made to veterans benefit plans. The budgetary expense associated with the increase in benefits for eligible recipients amounts to $5.6 billion over six years, starting in 2015–16.
http://www.budget.gc.ca/2016/docs/plan/ch5-en.html#_Toc446106788