After a lifetime of hard work, our seniors deserve a secure and dignified retirement. That’s why the government is committed to increasing Old Age Security (OAS) benefits for seniors age 75 and older and helping provinces strengthen long term care.
To achieve these aims, Budget 2021 proposes to:
- Meet the immediate needs of seniors by providing a one-time payment of $500 in August 2021 to OAS pensioners who will be 75 or over as of June 2022.
- Introduce legislation to increase regular OAS payments for pensioners 75 and over by 10 per cent on an ongoing basis as of July 2022. This would increase the benefits for approximately 3.3 million seniors, providing additional benefits of $766 to full pensioners in the first year, and indexed to inflation going forward. This would give seniors more financial security later in life, particularly at the time when they face increased care expenses and greater risk of running out of savings.
- Provide $3 billion over five years, starting in 2022-23, to Health Canada to support provinces and territories in ensuring standards for long-term care are applied and permanent changes are made. To keep seniors safe and improve their quality of life, the federal government will work collaboratively with provinces and territories, while respecting their jurisdiction over health care, including long-term care. This work will ensure seniors and those in care live in safe and dignified conditions.