Minister Duclos highlights the importance of supporting present and future generations of older Canadians in meaningful ways
May 11, 2018 Victoria, British Columbia Employment and Social Development Canada
Seniors make significant and valuable contributions to their families, our communities and our society. That is why hard working middle-class Canadians need to know that the Government of Canada will be there to support them when they retire.
Today, the Honourable Jean‑Yves Duclos, Minister of Families, Children and Social Development was in Victoria to highlight government support for present and future generations of older Canadians as well as the importance of planning for retirement.
The Old Age Security program plays a signigificant role in providing income security to Canadians in their seniors years. This is why the Government restored the age of eligibility for Old Age Security benefits from 67 back to 65 years old. With this change, Canadians will not need to wait two additional years to receive benefits.
Additionally, to assist working Canadians – the seniors of the future – the Government reached an historic agreement with provinces to strengthen the Canada Pension Plan. The CPP enhancement, which will begin being phased-in next year, will mean more money for today’s working Canadians when they retire. The additional benefits provided by the CPP enhancement will slowly grow over time as workers contribute to the enhancement. An enhanced CPP represents a major step in improving retirement outcomes for workers and reducing the uncertainty that many Canadians feel about being able to enjoy a secure and dignified retirement, and is projected to reduce the proportion of households at risk of undersaving for retirement by a quarter. And now, with the action taken by Quebec to enhance the Quebec Pension Plan in a similar fashion, all workers across the country can now look forward to a safer and more secure retirement.
By our actions, the Government of Canada is ensuring all Canadians have the support they need when they leave work and can live a safe, secure, and dignified retirement.
“The Government of Canada places enormous value on the contributions seniors have made to our economy and society. That is why we are working to help Canadians prepare for their retirements—so they can have access to the secure and dignified retirements they deserve.”
– The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
- The Government has a broad national seniors agenda which involves inititatives to advance four policy objectives:- Improving the income security of seniors;
– Improving seniors’ access to affordable housing;
– Promoting healthy aging and improving access to health care; and
– Fostering the social inclusion and engagement of seniors.
- Canadians’ life expectancy is expected to continue rising – Canadian men and women born in 2030 will live on average to age 84 and 87, respectively.
- According to Statistics Canada, the average age of retirement increased from 61 in 2005 to 63 in 2015. A 2014 survey by Philip Cross at the Fraser Institute confirmed that retirements are being postponed.
- Private sector pensions are on the decline and Finance Canada estimates that 1.1 million families (24%) nearing retirement may not have enough money to maintain their standard of living after they retire.
- Starting in 2015, the number of Canadians aged 65 and older outnumber the number of children 14 and younger. By 2031, seniors will represent 23% of our population, up from 17% in 2016.
- 29% of working age Canadians think they will be financially comfortable when retired, less than the global average (34%).
Office of the Honourable Jean-Yves Duclos, P.C., M.P.
Minister of Families, Children and Social Development
Media Relations Office
Employment and Social Development Canada