News

Rob’s Column – February 1, 2012

February 3rd, 2012

There has been speculation in the media recently that our government may make changes to Old Age Security. I can assure you that seniors will maintain all of the benefits that they currently enjoy and that there will be no changes to the amount of these benefits.
Our government will act, and is acting, to protect Old Age Security. We will not put the financial security and well-being of our seniors at risk.
Our government cares about seniors. Since 2006, our government has increased the Guaranteed Income Supplement for our most vulnerable seniors, introduced pension income-splitting, increased the age credit and introduced the tax-free savings account and the pooled registered pension plan to help Canadians save for retirement.
While changes in population demographics will necessitate new ways of funding Old Age Security, any adjustments to benefit packages or amounts would be done with substantial notice and an adjustment period. The Canada Pension Plan is a separate plan, funded by premiums paid by Canadians with each paycheque and is on a sustainable path. No changes are being considered to the administration of the CPP.
With an aging population, the number of seniors in our country will be increasing rapidly over the next twenty years, as members of the “Baby Boom” generation reach senior status. This will result in a massive increase in the cost of funding the Old Age Security benefit, with two taxpayers per senior by 2030, as compared with four taxpayers per senior in 2010.
Our task, as a government, is to ensure the future of the Old Age Security benefit in a responsible, prudent way. If we do nothing, the program will become too expensive and unsustainable. We will give much study to the issue in order to safeguard a viable OAS program for future generations.
As always, I look forward to your letters, e-mails and calls. Write me at: Rob Clarke MP, House of Commons, 502 Justice Building, Ottawa, Ontario, K1A 0A6. I hope you will find time to visit my website http://www.robclarkemp.ca To contact me via e-mail use clarkr@parl.gc.ca or call my constituency office toll-free at 1-866-400-2334.
Rob Clarke MP
Desnethé-Missinippi-Churchill River