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SOURCE Human Resources and Skills Development Canada
OTTAWA, March 15, 2013 /CNW/ - Human Resources and Skills Development
Canada today announced the quarterly benefit amounts for Old Age
Security (OAS) for April to June 2013.
The maximum basic OAS pension benefit paid to people 65 years of age and
older will remain unchanged at $546.07 per month from April 1 to June
30, 2013. Payments under the Guaranteed Income Supplement (GIS), the
Allowance and the Allowance for the Survivor will also remain
unchanged.
The OAS program consists of the basic pension, the GIS and the
Allowances. The GIS and the Allowances provide additional benefits to
eligible low-income pensioners and their spouses or common-law
partners, as well as to eligible survivors. 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 last time OAS benefit amounts increased was in January 2013, when
benefits were raised in response to an increase in the average CPI.
Since then, the average CPI has decreased. The Old Age Security Act guarantees that OAS benefits do not go down, 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. However, if the average CPI goes down, OAS
benefits will remain the same.
The OAS program is funded through general tax revenues and enhances the
quality of life of Canadian seniors by providing a modest base upon
which to build additional income for retirement. In 2011-2012, it
provided 5 million seniors with $38.1 billion in benefits.
For further information, please consult the Service Canada website at www.servicecanada.gc.ca.
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC
VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.
backgrounder
MAXIMUM OLD AGE SECURITY BENEFIT RATES
AS OF APRIL 1, 2013
|
| |
|
|
Type of Old Age Security
benefit
|
Maximum monthly
benefit rates
April to June 2013
|
Previous quarter
January to March 2013
|
|
Basic Old Age Security pension
|
$546.07
|
$546.07
|
|
Guaranteed Income Supplement*
|
|
|
|
Single
|
$740.44
|
$740.44
|
|
Spouse or common-law partner of
|
|
|
|
• a non-pensioner
|
$740.44
|
$740.44
|
|
• a pensioner
|
$490.96
|
$490.96
|
|
• an Allowance recipient
|
$490.96
|
$490.96
|
|
The Allowances
|
|
|
Regular
Survivor
|
$1,037.03
$1,161.01
|
$1,037.03
$1,161.01
|
* The Guaranteed Income Supplement and Allowances amounts listed above
include a top-up benefit.
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