Nov 26, 2013
By Jane Brown
The percentage of Canadians 65-plus living in poverty is on the rise. And this has prompted an international think tank to suggest the current pension safety nets may not be sufficient to deal with the problem. The study by the Paris-based Organization for Economic Co-operation and Development found Canadian seniors are relatively well off when compared with most others in the 34 nations studied. But as poverty rates fell in many countries between 2007 and 2010, they rose two percentage points in Canada.
The OECD adds government transfers to Canadian 65 and older account for only 39 per cent of their gross income, compared with the O-E-C-D average of 59 per cent — meaning more Canadians depend on workplace pensions to get by.