Income Replacement Benefit annual inflation and post Simon Logan

[MidShipsMan]

I've noticed the income replacement benefit is increased every January. This year (2024 Jan) I see a 14% increase.

1. Does anyone know if there is direct language or info concerning annual adjustments?

Also, RE: Simon Logan v Her Majesty, it is stated on the McInnes Cooper website:
If you continue to receive SISIP benefits and Income Replacement Benefits, your IRB monthly amount will be adjusted going forward to account for the increase in SISIP benefits.

2. Has anyone received literature breaking down the adjustment to their IRB to account of the allowances in the Class Action suit?

I hope its okay I started a new thread, I wanted this to be a specific resource for those trying to calculate and track their monthly benefits. Also, feel free to chime in about SISIP LTD, since these are proportionate.

 

[Teager]

For the annual adjustments it is based off the CPI index I believe it was 4.4%

If you received a 14% increase it could be due to other things such as pay raises or an adjustment due to an error ect.

They only began sending payments at Christmas for the allowances so it will be some time before some can provide the calculation that VAC uses to readjust IRB but I assume it would be similar to the calculation used for any extra income you receive.

 

[MidShipsMan]

I've realized my math error! I got 14% as the increase of the IRB top up from 2023 / 2024. I'll update this once I see how SISIP LTD has changed and provide the overall % increase compared to the total from 2023.