Mr. Speaker, talking about take home pay, there is no increase in salary. However, the folks in the third party would be taking home an awful lot more because they plan to opt out.
We need to look at this matter in the context of a total compensation package. The consultant who was hired by the previous government and reported on the question of compensation said that in fact compensation for members of Parliament is lower than that in the private sector.
If we take it in that context and on top of that take into consideration that we are lowering the pension, members of Parliament are taking a compensation cut. The member's leader was four to five times and now he has gone down to two times. In the private sector it is very common to have additional supplementary plans over and above what is provided for under the Income Tax Act.
In terms of the inflation index, members of Parliament pay 1 per cent of their salary per year for that inflation index which does not even kick in until age 60.
The plan is not how that party is trying to characterize it. Let us again bear in mind that we are reducing the compensation package. We are reducing the size of the plan by 33 per cent.