Minister: Old Age Security needs to change
Posted Feb 21, 2012 3:18 pm.
This article is more than 5 years old.
Old Age Security expenditures are on the rise, forcing the government to make changes to the system.
Those were the words delivered to a Toronto business audience by Canada’s human resources minister on Tuesday.
Diane Finley announced changes are coming to OAS in the March federal budget.
“The cost is going to go up dramatically,” says Finley, “While the supply of workers keeping our economy growing, and tax-stream strong, is shrinking.”
Statistics Canada reports more than a quarter of Canadians are between the ages of 45 and 64.
Finley told the audience OAS will cost Canadians $108-billion annually by the year 2030; up from $36-billion this year.
However, she says current retirees won’t be affected by the changes, they will be phased in with younger Canadians.
