OTTAWA, ONTARIO, MARCH 4, 2011 - Human Resources and Skills Development Canada today announced the quarterly benefit rates for Old Age Security (OAS), effective April to June 2011.
As of April, the basic OAS pension benefit, paid to people 65 years of age and older, will be $526.85 per month. This represents an increase of 0.5 percent. Payments under the Guaranteed Income Supplement (GIS) and the Allowances will also increase by 0.5 percent.
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 rates are revised quarterly (in January, April, July and October) to reflect increases in the cost of living, as measured by the Consumer Price Index . OAS benefits will have increased by 1.9 percent since July 2010.
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. It provided 4.8 million seniors with $35 billion in 2009-2010.
For further information, please consult the Human Resources and Skills Development Canada website at www.hrsdc.gc.ca
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This news release is available in alternative formats upon request.
For further information (media only):
Michelle Bakos
Press Secretary
Office of Minister Finley
819-994-2482
Media Relations Office
Human Resources and
Skills Development Canada
819-994-5559
