Subjects: ECO, SCZ, CFG
Budget 2019: A secure and dignified retirement for Canadians
THUNDER BAY, ON, March 28, 2019 /CNW/ - Over the course of their lives, seniors have made tremendous contributions to their communities right across Canada?and carry with them a wealth of knowledge, experience and skills they can continue to contribute today.
Today, the Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour was in Thunder Bay to highlight Budget 2019, Investing in the Middle Class. The Budget details how the Government is making sure middle-class Canadians benefit from Canada's economic growth. That includes helping more Canadians find an affordable home, prepare for well-paid jobs, retire with confidence and afford prescription drugs when they need them.
Speaking at the 55 Plus Centre, Minister Hajdu highlighted how investments in Budget 2019 would help support Canadian seniors' active participation in society, and build on efforts to strengthen the retirement security of Canadians so they can enjoy a secure and dignified retirement after a lifetime of hard work.
Through Budget 2019, the Government proposes to:
- Make retirement more financially secure for seniors who wish to work by enhancing the Guaranteed Income Supplement (GIS) earnings exemption, so they can keep more of their hard-earned income.
- Ensure Canadian workers receive the full value of their pension by proactively enrolling Canada Pension Plan (CPP) contributors, who are 70 years old or older and who have not yet applied to receive their retirement pension.
- Enhance the security of workplace pensions through new measures that better protect pensions in the event of corporate insolvency, giving Canadians greater peace of mind when it comes to their retirement.
- Promote the inclusion and full participation of vulnerable seniors in society by increasing funding to the New Horizons for Seniors Program, supporting projects that provide new equipment for seniors' centres, offer financial literacy classes, create volunteer opportunities and more.
With these new measures, Budget 2019 builds on the Government's record of strengthening the retirement security of Canadians so that they can worry less about making ends meet and enjoy the secure and dignified retirement they deserve.
Quotes
"Older Canadians have worked hard to support their families, build strong communities and grow our economy. Their knowledge, skills and experience are the cornerstones our businesses and country were built on. With Budget 2019, we are recognizing their contributions by strengthening their connections with their communities, providing support to those who choose to stay in the workforce and ensuring the pensions they have worked so hard to build up over their lives are more secure."
? The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour
Quick Facts
- Since 2016, the Government of Canada has established a proven record of strengthening the retirement income security of Canadians, including:
- Appointing a Minister of Seniors to help better understand the needs of older Canadians and ensure programs and services are designed to respond to those needs.
- Boosting benefits for nearly 900,000 low-income seniors and lifting approximately 57,000 out of poverty by increasing GIS top-up payments for Canada's most vulnerable seniors.
- Restoring the eligibility age for Old Age Security and GIS benefits to 65, putting thousands of dollars back in the pockets of Canadian seniors.
- Increasing benefits for couples who receive GIS and Allowance benefits and who have to live apart for reasons beyond their control.
- Enhancing the CPP, which will raise the maximum CPP retirement benefit by up to 50 percent over time, by working in collaboration with provincial partners. This will provide today's and future Canadian workers with greater income security when they retire and will significantly reduce the risk of under-saving for Canadian families.
Further Information
Associated Links
Budget Plan
Budget Speech
Backgrounder: A Secure and Dignified Retirement for Canadians
Gender Report
Investing in Young Canadians
The Fiscal Monitor (Financial Results for January 2019)
SOURCE Employment and Social Development Canada
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