Old Age Security increase targets older seniors’ higher risks

  • Page Views 258
  • Budget 2021 has helped to strengthen the financial security of Canadians later in life.

    It announced two important measures. In August 2021, we will issue a one-time $500 payment directly to seniors aged 75+ as of June 2022.

    Then in July 2022, we will permanently increase the Old Age Security pension by 10 per cent for seniors aged 75+. That’s worth $766 over the first year to pensioners receiving the full benefit and helps 3.3 million seniors.

    It’s targeted at older seniors who are more financially challenged and who are worried about outliving their savings.

    As they age, seniors face more health issues. Their healthcare expenses rise due to illness or disability: on average out-of-pocket health expenses of those aged 80+ are over $700 a year higher than those aged 65-74. At the same time, most older seniors can no longer supplement their income with paid work. Few seniors work beyond age 75, and those that do have median earnings of only $720 a year.

    The passing of spouses adds to the pressure. Among seniors, almost twice as many over age 75 are widows. And with women, on average living longer than men, it’s no wonder many senior women slip into poverty after the hardship of losing their life partners.

    To help secure older seniors’ finances, the Liberal government is making the first permanent increase to Old Age Security since 1973, other than adjustments due to inflation.

    It builds on our strong record of supporting seniors of all ages. For the youngest seniors, we restored the age of eligibility for OAS to 65 after the Harper Conservatives raised it to 67. We also strengthened the Canada Pension Plan for future retirees, increased the Guaranteed Income Supplement for single seniors and reduced income taxes for all Canadians.

    Our work is showing results: the latest data shows 11 per cent fewer seniors live in poverty than when we took office in 2015.

    Taken together, our ambitious and progressive measures are making a real difference for seniors’ financial security, and there is more work to do. Canadian seniors can always count on Liberals to listen, understand their needs and work hard to deliver for them(Deb Schulte, Canada’s Minister of Seniors).

     

    Share

    New Posts Recently publish post More

    • 24 September 2021
      14 hours ago No comment

      FEU unveils Sports Hall of Fame room featuring Olympians, UAAP champions

      With its long list of great athletes, Far Eastern University has all the reasons to dedicate a place honoring its alumni who have brought pride and glory to the school in different sporting events locally and internationally. On Tuesday, FEU virtually unveiled its Sports Hall of Fame room which ...

    • 24 September 2021
      16 hours ago No comment

      FCPA Celebrates Election of the First Filipina MP in Canadian History

      TORONTO – Today, the Filipino Canadian Political Association (FCPA) congratulates Rechie Valdez on her historic victory, becoming the first Filipina-Canadian MP and the first person of Filipino heritage to serve as MP from Ontario. She will represent the riding of Mississauga–Streetsville as a member of the Liberal caucus. “Rechie ...

    • 24 September 2021
      18 hours ago No comment

      3 Steps to getting your BC Vaccine Card

      Related

    • 23 September 2021
      2 days ago No comment

      Trudeau wins election but no majority government

      Justin Trudeau and his federal Liberal Party won their third election on September 20. However, the victory did not come with a majority government that Trudeau wanted. Trudeau and his Liberals will return to Ottawa with the mandate of a minority government. Trudeau delivered his speech shortly before 1:30 ...

    • 23 September 2021
      2 days ago No comment

      Ate Vi backs Isko for next PH president

      Manila Mayor Franciso “Isko Moreno” Domagoso has joined the race to become the next president of the Philippines. Domagoso declared his plan to run for president Wednesday (September 22), and immediately drew star support from actress and congresswoman Vilma Santos-Recto. Santos-Recto, popularly known as Ate Vi, is currently Deputy ...

    %d bloggers like this: