The federal government has increased the old-age security benefit by 1.2 per cent as of July 1.
The change means a single senior receiving OAS and the guaranteed income supplement with no other income may receive $1,728.84 more today than in November 2015.
The government also noted that restoring the age of eligibility for OAS and GIS benefits to 65 from 67 was an important step in making sure vulnerable seniors don’t face higher risks of living in poverty.
Read: New CPP, OAS benefit amounts take effect for 2018
“The government of Canada is committed to helping Canadians access secure retirement benefits,” said Jean-Yves Duclos, minister of families, children and social development, in a press release.
“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.”