Ottawa, Ontario, June 25, 2012 — Human Resources and Skills Development Canada today announced the quarterly benefit rates for Old Age Security (OAS) for July to September 2012.
As of July 1, 2012, the maximum basic OAS pension benefit paid to people 65 years of age and older will increase to $544.98 per month. This represents an increase of 0.9 percent from the current rate. Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by 0.9 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 (CPI) set by Statistics Canada.
Since July 1, 2011, seniors with little or no income also receive a GIS top-up benefit. This quarter, the GIS rate is increasing to $612.72 per year for single seniors and up to $857.76 per year for couples. This GIS rate includes the top-up benefit.
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 2010−2011, it provided 4.9 million seniors with $35.7 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):
Marian Ngo
Office of Minister Finley
819-994-2482
Media Relations Office
Human Resources and
Skills Development Canada
819-994-5559
* The GIS amounts listed above include the Guaranteed Income Supplement top-up benefit.
