Ottawa, Ontario, September 19, 2011—Human Resources and Skills Development Canada today announced the quarterly benefit rates for Old Age Security (OAS), effective October to December 2011.
As of October 1, 2011, the basic OAS pension benefit, paid to people 65 years of age and older, will be $537.97 per month. This represents an increase of 0.8 percent from the current rate. Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by 0.8 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 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 set by Statistics Canada.
Since July 1, 2011, seniors with little or no income also receive a GIS top-up benefit of up to $600 for single seniors and $840 for couples per year. This top-up will also be indexed and is included in the GIS rate.
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 2009−2010, it provided 4.8 million seniors with $35 billion in benefits.
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 on request.
For further information (media only):
Alyson Queen
Press Secretary
Office of Minister Finley
819-994-2482
Media Relations Office
Human Resources and Skills Development Canada
819-994-5559
MAXIMUM OLD AGE SECURITY BENEFIT RATES AS OF OCTOBER 1, 2011*
* The above amounts include the Guaranteed Income Supplement top-up benefit.
