It is well known that Canada is renowned for its generous welfare policies. Recently, in order to further safeguard the lives of its senior citizens, the government announced an increase in pension benefits.
Effective July 1, the federal government will increase Old Age Security (OAS) benefits by 1.2%. Compared to November 2015, this means a senior citizen receiving only OAS and the Guaranteed Income Supplement (GIS) with no other income can receive an additional $1,728.84 CAD in annual benefits.
Pension issues have always been a priority for the Canadian federal government. To this end, the government has restored the age of eligibility for OAS and GIS from 67 back to 65 to ensure that vulnerable seniors do not face a higher risk of poverty.
According to data released on the government website, from July to September 2018, the maximum full OAS payment is $596.67, and the maximum GIS payment is $891.18, totaling $1,487.85.
OAS is a retirement benefit policy provided by the Canadian government to citizens or residents over the age of 65, aimed at ensuring that every Canadian senior has an income of approximately $1,000 to meet basic living needs. This benefit is funded by government tax revenue and is independent of the applicant's employment history; there are no contribution requirements.
Starting in January 2018, eligible seniors will receive a notification letter informing them that they have been automatically enrolled in Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). Once eligible seniors turn 65, they do not need to apply; they will automatically receive payments from the government. The first payment is issued one month after their 65th birthday.
Eligibility Requirements:
1. Seniors aged 65 or older.
2. Canadian citizens or residents, as well as other residency statuses deemed eligible for OAS by the government.
3. Must have resided in Canada for at least 10 years after the age of 18.
Those who have lived in Canada for less than 10 years are not eligible; those who have lived there for 40 years can receive the full OAS amount; for those who have lived there between 10 and 40 years, the benefit is calculated proportionally based on 40 years. For example, if you have lived in Canada for 10 years after the age of 18, you can claim 25% (10/40) of the full pension amount.
In this light, Canada's pension welfare system is truly comprehensive and humane, which further demonstrates that Canada is increasingly suitable for retirement. As a major immigration destination, the number of people immigrating to Canada is gradually increasing. The fact that many immigrants choose Canada is inseparable from its sound welfare system. It is believed that as Canada's various benefits continue to be upgraded, it will attract more people to immigrate here.
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