Old Age Security benefit amounts increase for July to September 2014
OTTAWA, June 30, 2014 /CNW/ - Employment and Social Development Canada today announced the quarterly benefit amounts for Old Age Security (OAS) for July to September 2014.
OAS benefits, which consist of the basic OAS pension, the Guaranteed Income Supplement (GIS) and the Allowances will increase by 1.3 percent. The maximum basic OAS pension benefit paid to people 65 years of age and older will increase from $551.54 to $558.71 per month from July 1 to September 30, 2014.
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. OAS benefit amounts also increased slightly for the first quarter of 2014, in response to an increase in the average CPI. 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.
The Old Age Security 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;
- 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 2012-2013, it provided 5.2 million seniors with $40.3 billion in benefits.
MAXIMUM OLD AGE SECURITY BENEFIT RATES
AS OF JULY 1, 2014
Type of Old Age Security
July to September 2014
April to June
|Basic Old Age Security pension||$558.71||$551.54|
|Guaranteed Income Supplement*|
|Spouse or common-law partner of|
|- a non-pensioner||$757.58||$747.86|
|- a pensioner||$502.34||$495.89|
|- an Allowance recipient||$502.34||$495.89|
* The Guaranteed Income Supplement and Allowances amounts listed above include the top-up benefit introduced in July 2011.
SOURCE Employment and Social Development CanadaFor further information:
Office of the Minister
Media Relations Office
Employment and Social Development Canada