June 26, 2015 – Gatineau, Quebec – Employment and Social Development Canada
Employment and Social Development Canada today announced the quarterly benefit amounts for Old Age Security (OAS) for July to September 2015.
The maximum basic OAS pension benefit paid to people 65 years of age and older will increase by $1.13 from $563.74 to $564.87 per month from July 1 to September 30, 2015. Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by the same 0.2 percent for this quarter.
OAS benefit amounts 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. The Old Age Security Act guarantees that OAS benefits can never be reduced, even when there is a decrease in the CPI. If the average CPI surpasses the previous level in the future, OAS benefits will go up again.
Media Relations Office
Employment and Social Development Canada
819-994-5559
media@hrsdc-rhdcc.gc.ca
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The OAS program is funded through general tax revenues and provides a basic monthly income for Canadian seniors. The GIS and the Allowances provide additional income to low-income pensioners, their spouses or common-law partners, and eligible survivors.
Maximum Old Age Security benefit rates as of July 1, 2015
* These amounts include the GIS and the Allowances top-ups.
