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Canada Pension Plan

A program administered by Human Resources and Social Development Canada that provides monthly cash payments for people age 65 years and older who have contributed to CPP while they were employed. Individuals may retire between the ages 60 and 65 and receive a reduced benefit or may wait until age 65 and receive a full benefit. Benefit amounts depend upon income earned and are designed to replace about 25% of the earnings on which a person's contributions were based.

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The above terms and definitions are part of the Taxonomy of Human Services, used here by permission of INFO LINE of Los Angeles.