Expect retirement changes in the federal budget, says Morneau

The federal budget will include help for low-income seniors, says Finance Minister Bill Morneau.

Morneau is working with the provinces to expand the Canada Pension Plan, and he confirmed his commitment to get it done within the year.

“We are also looking toward measures in budget 2016 that will help those Canadians who are currently retired and facing a difficult situation,” he told the House of Commons on Wednesday. The government is expected to deliver the budget in late March.

Read: CPP to be expanded within the year

During the 2015 election, the Liberals pledged to restore Old Age Security eligibility to age 65. The Conservative government had increased it to 67 for those born after 1958.

A study by the Broadbent Institute states that poverty levels for the elderly are rising. Poor seniors now make up 11% of the aged population, up from 4% over the past 12 years.

Read: Election 2015: the parties on pensions

The Liberals also said they would increase the Guaranteed Income Supplement by 10% for single low-income seniors. The Broadbent study estimates 30% of single senior women live in poverty. The change would put an extra $1,000 a year in the pockets of needy retirees, the party estimated in its platform.

This article was originally published on Benefits Canada’s companion site, Advisor.ca