Canada/CMEDIA: Being committed to supporting seniors after a lifetime of hard work, the Government of Canada has taken historic measures by increasing the Old Age Security pension aged 75 years and older starting next week.
A joint announcement was made today by Kamal Khera, Canada’s Minister of Seniors, and Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant, regarding a permanent increase by 10% in the Old Age Security (OAS) pension for seniors aged 75 and over.
“Today’s announcement is further evidence of our concrete commitment to deliver for seniors in Quebec and across Canada…to ensure all Canadians can age safely and with dignity. We will always continue to work to deliver for seniors,” said Rodriguez in today’s news release.
This means that full pensioners will get more than $800 extra over the first year.
This first permanent increase to the OAS pension since 1973 other than adjustments due to inflation would strengthen the financial security of 3.3 million seniors.
No action would be required to be taken by the eligible seniors to receive this increase as their payments will be automatically increased.
This increase follows a one-time payment of $500 provided by the Government of Canada in August 2021 to help address the immediate needs of seniors who were eligible for the OAS pension in June 2021 and born on or before June 30, 1947.
“The mental, physical and financial security of seniors must remain a priority for all governments…those 75 and over and will always be there to support measures that improve the quality of life of older Canadians,” said Réal Bouclin, Founding President and Chief Executive Officer of Groupe Sélection
Both measures were announced in Budget 2021 and part of broader work to support the financial security of seniors of all ages, including the following:
- restoring the age of eligibility for the OAS pension and the Guaranteed Income Supplement (GIS) to 65 from 67;
- enhancing the Canada Pension Plan for future retirees;
- increasing the GIS for single seniors;
- raising the GIS earnings exemption; and
- amending the Old Age Security Act to exclude federal pandemic benefits from the calculation of income for GIS/Allowance purposes.
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