Update on the implementation of the Phoenix Damages Agreement

The Treasury Board of Canada Secretariat has just published this news release related to the Phoenix pay system damages agreement.

Under the Phoenix Damages Agreement, eligible individuals are now able to request compensation for severe damages related to financial costs and lost investment income. This means that they could claim interest on late pay, or claim the lost investment opportunity if they cashed in investments such as Registered Retirement Savings Plan (RRSPs) or Guaranteed Investment Certificates (GICs). To be eligible for this compensation, their claim for losses must be greater than the one‑time threshold of $1,500.

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