Was the government’s decision to restore eligibility for old-age security to age 65 the correct choice?
Tabled in March, the federal budget cancelled provisions in the Old Age Security Act that would have increased the age of eligibility for OAS and and guaranteed income supplement benefits to age 67. In a measure aimed at supporting at-risk seniors, the budget also increased the annual top-up payment from the guaranteed income supplement.
However, a report from Canada’s chief actuary indicates the change will come at a steep price, with OAS program expenses expected to rise by $10.4 billion in 2030.
Read: OAS and GIS changes to raise program costs by $11.6B in 2030: report
While the increase in benefits and wider eligibility may help seniors in need, the move comes at a time that other countries are actually moving or looking to boost their retirement ages. Just this month, in fact, Germany’s Bundesbank raised the idea of boosting the legal retirement age to 69 by 2060. So is Canada right to buck the trend by pulling back on increasing the retirement age or will its decision prove to be too expensive for government coffers? Make your voice heard in our weekly poll.
As for last week’s survey, which asked whether or not benefit plans should cover medical marijuana, more than half (58 per cent) felt they should as the medical and cost benefits are clear; 34 per cent say the issue depends on the medical evidence and regulatory environment, while the remaining eight per cent of respondents were completely against the idea.
Read: Medical questions, regulations create confusion for medical pot coverage
