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Old Age Security Benefits to Rise Slightly On July 1
The London Free Press
Ottawa, Canada
June 29, 2004
Old age security benefits will rise July 1, Social Development Canada announced yesterday. The basic OAS pension for people 65 and over will be $466.63 per month, an increase of 0.7 per cent from $463.39 during the previous three months.
Maximum guaranteed income supplement and allowance payments, which are based on the recipient's family income during the previous year, will also increase by 0.7 per cent.
Increases are based on Statistics Canada consumer price index changes.
Since 1973, all benefits have been adjusted in January, April, July and October.
Guaranteed income supplement for a single person or a non-pensioner rises to $554.59. For a pensioner or allowance recipient it goes to $361.24 from $358.73.
The regular allowance goes to $827.87 from $822.12 and a survivor's maximum to $913.99 from $907.64.
The pension program will provide 4.1 million seniors with about $27 billion in 2003-2004.
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