After a lifetime of hard work, Canadians deserve to retire with dignity, knowing they will have the support they need.
Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, was in Richmond to highlight measures the Government of Canada has taken to make it easier to retire.
For many Canadians, Old Age Security (OAS) program play a significant role in providing income security for their senior years. That is why, in Budget 2016, the Government of Canada restored the age of eligibility for the Old Age Security pension from 67 to 65 and Guaranteed Income Supplement (GIS). The Government also increased the GIS for the most vulnerable seniors, who may be eligible for almost $1000 more per year. The increase in GIS has helped approximately 900,000 seniors.
To further assist middle class and those working hard to join it, the Government also enhanced the Canada Pension Plan (CPP), providing Canadians with more money they can count on when they retire, with increases of up to 50 percent in retirement benefits for today’s young workers. Further reforms were introduced to the CPP to provide additional support to people with severe and prolonged disabilities as well as survivors and the families of deceased workers who had low incomes.
With these measures, the Government of Canada is continuing to ensure all Canadians have the support they need so they can enjoy a safe, secure and dignified retirement.
“Hard working Canadians deserve to know that they can retire in dignity. The changes made to Old Age Security and Guaranteed Income Supplement will mean more Canadians will get the support they need when they actually start their retirement.”
– The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
Budget 2019 builds on the Government of Canada’s commitment to work to enhance retirement security with enhancements to the Guaranteed Income Supplement earnings exemption for working low-income seniors, along with proactive enrolment for the CPP retirement pension of contributors at age 70.
The Government has a broad national seniors agenda that involves initiatives to advance four policy objectives, which are to: improve the income security of seniors; improve their access to affordable housing; promote healthy aging and improve access to health care; and foster their social inclusion and engagement.
Twenty-nine percent of working-age Canadians think they will be financially comfortable when they retire, less than the global average (34 percent).
The newly strengthened CPP will help by providing today’s workers with more money they can count on when they retire, with increases of up to 50 percent in retirement benefits for today’s young workers.