Le Lézard
Classified in: Business
Subjects: ECO, SCZ, CFG

Minister Duclos highlights importance of supporting present and future generations of Canadian retirees

MARKHAM, ON, July 9, 2019 /CNW/ - After a lifetime of hard work, middle class Canadians want to know that they will have the money they need to retire with dignity.

Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, was in Markham to speak about measures the Government of Canada has taken to make it easier to retire. While visiting firefighters at Station 95, he reinforced the importance of planning for a safe and secure retirement.

The Old Age Security (OAS) program plays a significant role in providing income security to Canadians in their senior years. Yet changes made in 2012 to increase the age of eligibility for OAS benefits meant that middle class Canadians might not have been able to rely on them when they start their retirement. For many Canadians, like the firefighters in Markham, working to 67 is not an option. That is why, in Budget 2016, the Government restored the age of eligibility for OAS benefits from 67 back to 65 years old. With this change, Canadians will not need to wait two additional years to receive benefits.

In addition, to assist middle class Canadians and those working hard to join it, the Government enhanced the Canada Pension Plan (CPP). The newly strengthened CPP will provide today's workers with more money they can count on when they retire, with increases of up to 50 percent in retirement benefits for today's young workers. This represents a major step in improving retirement outcomes for workers and ensuring that fewer households are at risk of not saving enough for retirement.

The enhanced CPP will also support people with severe and prolonged disabilities as well as survivors and the families of deceased workers who had low incomes. It includes measures to protect the benefits of parents of young children and people with disabilities.

With all of these actions, the Government of Canada is ensuring all Canadians have the support they need when they leave work so they can enjoy a safe, secure and dignified retirement.


"Middle class Canadians work hard and deserve to know that they can retire in dignity. The newly enhanced Canada Pension Plan will provide more money to Canadians while the changes to Old Age Security will mean they get this support when they actually start their retirement."
? The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development

Quick Facts

Associated Links

Canada Pension Plan enhancement 
Old Age Security 
Budget Plan 
Backgrounder: A Secure and Dignified Retirement for Canadians

Follow us on Twitter


SOURCE Employment and Social Development Canada

These press releases may also interest you

at 23:00
Today, insurance focused IT services company, Brylianze, announces the development of an insurance Artificial Intelligence platform. "Artificial Intelligence will be a major thrust for insurance companies in the near...

at 21:35
Baytex Energy Corp. ("Baytex") announced today the pricing of its previously announced private placement offering (the "Offering") of US$500 million aggregate principal amount of senior unsecured notes due 2027 (the "Notes"). The Notes will be...

at 21:30
People's Bank of Commerce announced today its financial results for the fourth quarter and full year 2019 operations. The bank reported net income of $4,068,000 for the full year of 2019 compared to $3,398,000 in 2018, a 20% increase. In 2019...

at 21:20
New Era Minerals Inc. announced today that it intends to proceed with a non-brokered private placement of up to 12,000,000 common shares at a price of C$0.05 per share to raise gross proceeds of up to C$600,000 (the "Private Placement"). Parties who...

at 21:08
Posera Ltd. ("Posera" or the "Company"), a global provider of software solutions for the hospitality industry, today announces that at the special meeting of holders of the common shares of Posera ("Shareholders") held earlier today (the "Meeting"),...

at 20:35
Miami-Dade County total home sales surged double digits in December 2019 thanks to a robust increase in mid-market and $1-million-and-up transactions, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS)...

News published on 9 july 2019 at 11:00 and distributed by: