OTTAWA, June 25, 2013 /CNW/ - Human Resources and Skills Development
Canada today announced the quarterly benefit amounts for Old Age
Security (OAS) for July to September 2013.
The maximum basic OAS pension benefit paid to people 65 years of age and
older will increase from $546.07 to $549.89 per month from July 1 to
September 30, 2013. This represents an increase of 0.7% from the
previous quarter. Payments under the Guaranteed Income Supplement
(GIS), the Allowance and the Allowance for the Survivor will also
increase by the same percentage.
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 had initially decreased, but increased
again in the last quarter.
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 2012-2013, it
provided 5.2 million seniors with an estimated $40.4 billion in
For further information, please consult the Service Canada web site at www.servicecanada.gc.ca.
This news release is available in alternative formats on request.
MAXIMUM OLD AGE SECURITY BENEFIT RATES
AS OF JULY 1, 2013
Type of Old Age Security
July to September 2013
April to June 2013
Basic Old Age Security
Spouse or common-law
- a non-pensioner
- a pensioner
- an Allowance recipient
* The Guaranteed Income Supplement and Allowances amounts listed above
include a top-up benefit.
SOURCE: Human Resources and Skills Development Canada
For further information:
Director of Communications
Office of Minister Finley
Media Relations Office
Human Resources and Skills Development Canada