With Canadians living longer, the federal government has announced an increase to the Old Age Security of 10 per cent for the 3.3 million Canadians aged 75 and over.
This means that full pensioners will get more than $800 extra over the first year, Sudbury MP Viviane Lapointe said in a news release.
“Canadians are living longer, and we want to help make life more affordable for them as they age,” Lapointe said. “Last year, we gave eligible older Canadians a one-time payment of $500. And now, we’ve moved forward with a permanent 10-per-cent increase to the Old Age Security pension to help with the higher costs later in life.”
This will be the first permanent increase to the OAS pension since 1973, the news release states, other than adjustments due to inflation. Eligible seniors will not have to take any action to receive this increase as payments will be increased automatically.
According to information shared by Lapointe, older seniors make up one of the country’s fastest-growing demographics, and the population of people aged 85 and over is expected to triple over the next 25 years.
In 2018, among OAS pensioners aged 75 and over, 59 per cent had incomes below $30,000, compared to 52 per cent of those aged 65 to 74.