GATINEAU Q.C.—The government of Canada has taken further steps to supporting seniors and has announced that increases to Old Age Security will take place beginning next week.
The Honourable Kamal Khera, Minister of Seniors, and the Honourable Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant, announced that the Old Age Security (OAS) pension has permanently increased by 10% for seniors aged 75 and over.
Over the period of a year for full pensioners that represents more than $800 extra, or This means that full pensioners will get more than $800 extra, or approximately $66 dollars per month.
"The permanent increase to the OAS pension will help provide older seniors with greater financial security now and in the future. Younger seniors and all Canadians can enjoy greater peace of mind while planning their retirement finances, knowing they will be able to count on more support from the OAS pension in their later years,” stated The Honourable Kamal Khera, Minister of Seniors.
This increase represents the first permanent increase to OAS pension since 1973, and in the opinion of government leaders, will help strengthen the financial security of 3.3 million seniors. No action needs to be taken by eligible seniors, as their payment will be automatically increased.
According to The Honourable Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant, this announcement, “Is further evidence of our concrete commitment to deliver for seniors in Quebec and across Canada. Since the beginning of the pandemic, we've promised not to leave anyone behind and that's what we've done, through a one-time payment and various programs that have made a real difference for seniors in our communities. Now that we're talking about recovery, we are making that commitment again and we'll do what it takes to ensure all Canadians can age safely and with dignity. We will always continue to work to deliver for seniors!" stated Minister Rodriguez.
This increase follows a one-time payment of $500, that eligible seniors, born on or before June 30, 1947, received by the government of Canada, in August 2021
"The mental, physical and financial security of seniors must remain a priority for all governments. Groupe Sélection is happy to see the increase of the OAS for those 75 and over and will always be there to support measures that improve the quality of life of older Canadians,” stated Réal Bouclin, Founding President and Chief Executive Officer of Groupe Sélection.
The Federal government’s Budget 2021, announced measures that represented part of broader completed to support the financial security of seniors of all ages including:
- 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.
