CANADA'S FINANCE MINISTER OPEN TO RAISING AGE OF ELIGIBILITY FOR OAS AND CPP TO 67 IN POLICY REVERSAL

Feb 07, 2017

By Jane Brown

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Canada’s finance minister says he’s open to a panel recommendation that Ottawa should encourage seniors to stay in the work force, despite having reversed the former Conservative government’s plan to raise the eligibility age for Old Age Security from 65 to 67.

Bill Morneau made the comments yesterday after he received five new reports from his own advisory council on economic growth, including a recommendation to increase the eligibility age for both OAS and the Canada Pension Plan.

Council chair Dominic Barton says the group would like to see more people over 55 years old in the labour force, but is aware that not everyone can keep working in the older years.

“There are some people who can’t work for health reasons and others and we think we should be careful about pushing them to work harder, but for those who can, we do think we should look at incentives to encourage them to work,” Barton explained.

“The key is going to be to target the people who do need to retire at 65, because yes, we live healthier, but certainly an 80 year old isn’t living the type of life that allows them to work, and I know we’re not talking about 80 year olds, but you see my point,” commented C.D. Howe Institute‘s Jeremy Kronick.

Advisory council members says raising the eligibility age could add $56-billion to the economy.

The Zoomers group CARP – A New Vision of Aging – continues to advocate for pension and retirement reform as well as an end to mandatory RIF withdrawals.

More on this topic today on Zoomer Radio’s Fight Back with Libby Znaimer after the noon news.

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