CALCULATION OF ELB
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Re: CALCULATION OF ELB
Gunner, unless you have been release recently, VAC will add indexing calculations when figuring out your ELB. I know when I went on ELB in 2012,the 75% amount was around $400 higher than it was when I was on SISIP in 06/07.
bigrex- CSAT Member
- Number of posts : 4060
Location : Halifax, Nova Scotia
Registration date : 2008-09-18
Re: CALCULATION OF ELB
hey no problem buds doesn't hurt to check and double check . give em a call and make sure they are taking it off if it doesn't change anything it will at least give you piece of mind.
propat
propat
Guest- Guest
Re: CALCULATION OF ELB
Thanks propat. I did fill out the application originally and they asked about income which I filled out accordingly but my ELB seems high to me if based on 75% of income as a Cpl on release so maybe I better check with DVA to make sure. Thanks again propat.
Guest- Guest
Re: CALCULATION OF ELB
if you have been approved ELB you should have already submitted the pension amount to them if for some strange reason you didn't do that now.
your superannuation will only deduct for CPP
DVA deducts nothing
ELB will deduct a few things including your superannuation but not your DVA.
clear as mud???
propat
your superannuation will only deduct for CPP
DVA deducts nothing
ELB will deduct a few things including your superannuation but not your DVA.
clear as mud???
propat
Guest- Guest
Re: CALCULATION OF ELB
Hi need some help here please. I have just been approved ELB short term. Do I need to coordinate with the Pension office for any deductions between ELB and Superannuation? Just don't want to get caught with my pants down months from now owing money to the Pension people. Same question for my DVA pension do I need to make sure that DVA does their numbers as well? Really appreciate your help on this thanks.
Guest- Guest
Re: CALCULATION OF ELB
absolutely correct Rex if you work then your capable of supplementing your income which is the sole reason for being offered ELB or LTD for that matter. Once you have any income then it will take 1 minimum of 100 moons to proof you can't work.
Guest- Guest
Re: CALCULATION OF ELB
Once you start working, or even before, ELB will stop. It doesn't matter if the job only pays $1. We have members here that have gone through it, losing their ELB while still searching for a job. The CF income supplement will pay a certain amount, while on the job search, or if all you can get is a low paying job, but I'm not sure how it works. I know it states it is for low income veterans, so I'm not sure what they classify as low income.
bigrex- CSAT Member
- Number of posts : 4060
Location : Halifax, Nova Scotia
Registration date : 2008-09-18
Re: CALCULATION OF ELB
Thanks, but what I was driving at was on the employment side of things. when it comes to salary for a future job and gainful employment. Are they looking to place a member in a job that pays any amount and that amount is used to eliminate or minimize ELB payments or is the member going to receive help in finding job placement gainfully with a job that has a salary of 65% of their military pay.
If anyone can shine some light on this it would be appreciated.
If anyone can shine some light on this it would be appreciated.
shanghaied- CSAT Member
- Number of posts : 9
Location : dartmouth
Registration date : 2012-06-23
Re: CALCULATION OF ELB
The way it works, if they calculate your current 75% mark, (based on $100000), at $6250/mo, they will deduct the gross amount of your CF pension from that amount. So if you get a CF annuity of $5000, your ELB payment would be $1250 before taxes. But unless you are deemed TPI (totally and permanently impaired), ELB will only be paid out while in school. If you complete your schooling, but are unable to find adequate employment, you may be entitled to a different program called the CF income supplement, but because it is based on household income, you may not qualify for it based on your large CF annuity, even if you lose half of it in taxes.
bigrex- CSAT Member
- Number of posts : 4060
Location : Halifax, Nova Scotia
Registration date : 2008-09-18
CALCULATION OF ELB
Hi,
How is it done? Just say a member's yearly salary was $100000 and has a 30 year pension equalling $60000 or $5000/month. The
ELB 75% top up equals $1500/month. Does that mean they help me to find me a Job that will pay me a minimum monthly salary of a $1500/month Or do they help me find a job that pays 75% of my former salary which would be $75000 divided by 12 months equalling $6250/month?
I understand that regardless of the salary Vac will bring any difference up to the 75% mark. But which is it $1500 or $6250?
How is it done? Just say a member's yearly salary was $100000 and has a 30 year pension equalling $60000 or $5000/month. The
ELB 75% top up equals $1500/month. Does that mean they help me to find me a Job that will pay me a minimum monthly salary of a $1500/month Or do they help me find a job that pays 75% of my former salary which would be $75000 divided by 12 months equalling $6250/month?
I understand that regardless of the salary Vac will bring any difference up to the 75% mark. But which is it $1500 or $6250?
shanghaied- CSAT Member
- Number of posts : 9
Location : dartmouth
Registration date : 2012-06-23
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