Employment and Social Development Canada has announced the quarterly benefit amounts for Old Age Security (OAS) for October to December 2015.

The maximum basic OAS pension benefit paid to people 65 years of age and older will increase by $5.08 to $569.95 from $564.87 per month from Oct. 1 to Dec. 31, 2015.

Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by the same 0.9% for this quarter.

Read: Number of OAS beneficiaries expected to jump

OAS benefit amounts are reviewed quarterly (in January, April, July and October) and revised as required to reflect increases in the cost of living, as measured by the Consumer Price Index (CPI) set by Statistics Canada.

The Old Age Security Act guarantees that OAS benefits can never be reduced, even when there is a decrease in the CPI. If the average CPI surpasses the previous level in the future, OAS benefits will go up again.

Also read:

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

See all comments Recent Comments

Dorothy Madole:

There is a rumour going around that OAS increases in July. Is this a fact?

Tuesday, July 05 at 10:37 am | Reply

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required