New monthly benefit addresses significant gap for Canada's moderately to severely disabled Veterans and survivors
FREDERICTON, March 11, 2015 /CNW/ - On behalf of the Honourable Erin O'Toole, Minister of Veterans Affairs, the Honourable Rob Moore, Regional Minister for New Brunswick and Minister of State (Atlantic Canada Opportunities Agency), today highlighted a proposed new financial benefit for Veterans who are moderately to severely disabled and their families—the Retirement Income Security Benefit.
Currently, the Earnings Loss Benefit—upon which many moderately to severely disabled Veterans rely—is not available after the age of 65, resulting in a drop in the Veteran's annual income. The new Retirement Income Security Benefit highlighted today would provide these Veterans with continued assistance in the form of a monthly income support payment beginning at age 65.
The proposed Retirement Income Security Benefit would work in concert with existing services and benefits to establish a continuum of support that spans a disabled Veteran's entire life. It is designed for those whose ability to save for retirement was directly impacted by their service to our country. Income support would also be extended to families through continued payment of a monthly benefit to the Veteran's survivor.
The Government of Canada also recognizes the complexity of financial benefits available for moderately to severely disabled Veterans. As part of a continued commitment to Veteran-centric care, Minister Moore indicated that Veterans Affairs Canada (VAC) is examining ways to combine these new and existing supports into a single monthly pension for severely injured Veterans.
- The Retirement Income Security Benefit would ensure that an eligible Veteran's total annual income is at least 70% of what he or she received in financial benefits from VAC before age 65.
- Monthly payments would be calculated on a case-by-case basis, taking into account how much the Veteran was receiving before age 65 and other sources of income he or she may have beyond age 65.
- It is estimated that by 2020, approximately 5,800 Veterans and survivors would qualify for the Retirement Income Security Benefit upon turning 65. An estimated 261 Veterans and survivors would receive payments by 2020.
- The Retirement Income Security Benefit responds directly to concerns raised by the Veterans Ombudsman and the House of Commons' Standing Committee on Veterans Affairs.
"Today, we are closing a major gap in the New Veterans Charter that was identified by the Veterans Ombudsman and others in recent years. The Retirement Income Security Benefit will ensure that Veterans who are moderately to severely disabled receive lifetime financial support beyond the age of 65. This new benefit will provide security and peace of mind to Veterans and their families as they grow older."
The Honourable Erin O'Toole, Minister of Veterans Affairs
"The Retirement Income Security Benefit is a step forward to providing Canada's moderately to severely disabled Veterans with the lifelong support they need. In recognition of their service, it is important that these Veterans and their families have monthly income support after age 65 for enduring stability."
The Honourable Rob Moore, Regional Minister for New Brunswick and Minister of State (Atlantic Canada Opportunities Agency)
Veterans Affairs Canada is committed to ensuring Veterans are treated with the care, compassion and respect they deserve. Veterans and their families are at the center of everything we do. #Veterancentric
SOURCE Veterans Affairs Canada
For further information: Martin Magnan, Press Secretary, Office of the Minister of Veterans of Affairs, 613-996-4649; Kelsie Corey, Director of Communications, Office of the Minister of State, Atlantic Canada Opportunities Agency, 613-941-7241; Media Relations, Veterans Affairs Canada, 613-992-7468