The Canadian government will increase old age security starting next week, a move the feds say will be the first permanent raise to the pension in nearly 50 years.
But the commitment goes as far back as the 2019 federal election, when Prime Minister Justin Trudeau made the announcement"The permanent increase to the OAS pension will help provide older seniors with greater financial security now and in the future," Seniors Minister Kamal Khera said in the federal government's statement Thursday.
The increase comes after Canada's inflation rate rose 8.1 per cent in June over the previous year, making it theAnthony Quinn, chief community officer for the Canadian Association of Retired Persons , told CTVNews.ca in a phone interview on Friday that while the increase to OAS is welcome, a 10-year cohort of seniors between 65 and 75 is still exempt.
In May 2021, CARP, along with the National Association of Federal Retirees and Réseau FADOQ, called on the Trudeau government to increase OAS benefits by 10 per cent for all eligible seniors, not just those 75 and older.
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