Seniors receiving the Old Age Security pension are getting a pay bump this week.
The pension has been increased by ten per cent.
That gives eligible seniors an extra 800 dollars over the course of a year.
It’s the first major increase to the program since 1973, though is usually hiked based on inflation.
“The permanent increase to the OAS pension will help provide older seniors with greater financial security now and in the future. Younger seniors – and all Canadians – can enjoy greater peace of mind while planning their retirement finances, knowing they will be able to count on more support from the OAS pension in their later years,” says federal Seniors Minister Kamel Khera.
Canada says an estimated 3.3 million seniors, 75 and older, receive the Old Age Security Pension benefit.
