Canadian seniors are set to receive a scheduled top-up in benefits as the government faces pressure to increase payments for those under the age of 75. The Old Age Security (OAS) pension amounts are reviewed quarterly to reflect cost-of-living increases, and for October, the benefits are increasing by 2.8% compared to the previous year. The maximum monthly payment for seniors aged 65 to 74 is $727.67, while those aged 75 and older can receive up to $800.44, provided their annual net income is below certain thresholds.
The Bloc Québécois has given the government a deadline to greenlight spending for a private member’s bill to increase OAS payments for seniors under the age of 75 by 10%. If the government does not support the bill, the Bloc leader has threatened to enter talks with other parties to bring down the Liberal minority government before the new year. Most Liberals have voted against a non-binding Bloc motion calling for this increase, which is estimated to cost $16 billion over five years.
The government has already increased OAS payments for people over the age of 75, with the intention of targeting the most vulnerable seniors. However, the opposition parties have backed the Bloc’s push to expand the measure to those aged 65 to 74, and a majority of Canadians (64%) support this increase in OAS payments.
