Subjects: ECO, POL, SCZ, CFG
July 1st OAS increase builds on Government's commitment to greater support for Canadian Seniors
QUEBEC CITY, July 3, 2018 /CNW/ - After a lifetime of hard work, Canadians deserve a secure and dignified retirement. That is why the Government of Canada is committed to helping Canadian seniors with the rising cost of living.
Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, announced that the Old Age Security Benefit (OAS) has been increased as of July 1st. This increase means that a single senior receiving OAS and the Guaranteed Income Supplement (GIS) with no other income may receive $1,728.84 more than in November 2015.
Seniors are a priority of the Government of Canada. That is why restoring the age of eligibility for OAS and GIS benefits from 67 back to 65 was an important step in making sure vulnerable seniors do not face higher risks of living in poverty. This change ensures that Canadians will not face a cut in their support through the OAS. These increased supplements mean more money in the pockets of single seniors.
Quote
"The Government of Canada is committed to helping Canadians access secure retirement benefits. That is why we have continued to increase support through the OAS and GIS, so that all Canadians can have a secure and dignified retirement."
- The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
Associated Links
Canadian Pension Plans
Old Age Security
SOURCE Employment and Social Development Canada
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