Pensions help not only provide retirees with the financial support they need but also provide a benefit to the overall economy.
A new report argues that efforts to revamp the Canada Pension Plan should take a back seat to a couple of straightforward policy reforms that would take the majority of single impoverished seniors out of poverty.
Employment and Social Development Canada says the basic old age security pension benefit will increase by 0.2% to $550.99 per month for the maximum benefit from Oct. 1 to Dec. 31, 2013.
At last week’s Council of the Federation meeting, Canada’s premiers discussed the retirement income system and the importance of continued efforts to ensure future seniors are able to retire with secure and adequate income.
Canada’s seniors now have the option to delay receiving their old age security for up to five years past the age of eligibility.
In Canada, there has been a lot of talk about the current public retirement system and how it should be improved. But how does Canada’s program shape up against others?
Ottawa's move to increase the age of eligibility for old age security (OAS) and guaranteed income supplement (GIS) benefits to 67 from 65 could end up saving government more than $10 billion a year by the time it's fully implemented, according to a report by the auditor general.
As of July 1, 2012, the maximum basic OAS pension benefit paid to people 65 years of age and older will increase by 0.9% to $544.98 per month.
The federal government hiked the eligibility age for Old Age Security (OAS) to 67 from 65 reflecting the reality that Canadians are living longer and healthier lives, and may prefer to keep working.
Ottawa should move to reform seniors' benefits by letting recipients choose richer payments, later, from the Old Age Security and Guaranteed Income Supplement programs if they wish, says a report by C.D. Howe Institute president and CEO William B.P. Robson.