Thousands of federal public servants over the age of 50 — and in some cases 55 — can now apply to retire early without facing financial penalties. The federal government first announced the incentive in its 2025 budget last November as a way to trim the federal workforce through voluntary departures. The first group of eligible employees are those who joined the public service pension plan before Dec. 31, 2012, and are at least 50 years old. Both groups must have at least two years of pensionable service and have worked at least 10 years in the public service. Normally, a public servant's pension is reduced by five per cent for each year they retire early.

Source: CBC News March 28, 2026 11:35 UTC