MPs Who Lost The Election Last Night Are Still Walking Away With $90,000
It's not a bad severance pay-out!
With the Canadian federal election now officially over, there will be several Members of Parliament that are wondering what they will do next, having just lost their seat, and therefore their job, to their political opponents. While this sudden jobless-ness sounds scary, one report suggests they’ll be receiving a pretty good pay-out when they say goodbye. In fact, the severance for Canadian MP’s is actually more than most Canadians will make in a whole year!
According to a report from the National Post, Canadian Members of Parliament who have lost their seat during the 2019 federal election could receive a pay out of up to $90,000 each, potentially accumulating to a grand-total of millions of dollars of in severance payments to ex-MPs.
As of Tuesday morning, the exact numbers of 2019’s retiring and losing MP's is still unclear. That said, there are some pretty big names in Canadian politics that will be receiving a healthy severance package from the government, as they failed to keep their own seats in their local ridings.
One particularly notable candidate is more than four decades in politics.who lost his own seat in the riding of Beauce. Similarly, the Conservatives' deputy leader, Lisa Raitt, lost to in Milton. For the Liberals, one of Trudeau's key ministers, Ralph Goodale, was defeated in Regina-Wascana after
According to the National Post’s report, MPs who have served the country for less than six years are not eligible for pensions, and therefore receive a lump pay out, worth approximately half of their annual salary.
For those who have worked for the government for more than six years, but are under 55 years old, they will also receive a healthy severance package, as well as a deferred pension.
The average salary for 2019 federal MPs is $178,900, meaning that their severance pay out is likely to be around $90,000, more than most Canadians make each year!
For MPs that hold higher positions, the payout is even better. For example, if a losing MP was also a parliamentary secretary, they could receive an additional $9,000 in severance, with the potential to earn even more for additional service.
Official calculations are yet to be released as to exactly how much will be paid out in October in government severance packages, but it’s likely to cost the Canadian government millions.
After the last federal election in 2015, the Canadian Taxpayers Federation estimated that a total of $11 million was spent in severance packages and payments, all paid out to retiring and defeated MPs.
After such a difficult and sometimes nasty election, it seems that four years off and $90,000 is a pretty good consolation prize!