Many Canadians will spend their golden years in poverty, if a government decision to change the eligibility age for retirement benefits isn't reversed, according to a report released by the Canadian Centre for Policy Alternatives.
The report notes rolling back Old Age Security (OAS) eligibility to 67, from 65, not only will create hardship for seniors unable to delay retirement — those who are sick or in physically demanding positions, for instance — but also for low-income Canadians who desperately need that benefit to get by.
"It means suffering for people in their old age," says Angella MacEwen, a CCPA research associate. "Choosing to work longer is one thing. But forcing Canadians without workplace pensions or large savings to work full-time past 65 is unfair, especially given the high probability that the jobs many are able to find will be part-time and low paid."
In her report, released Monday, MacEwen notes it would take a considerable amount of hours working in low-wage jobs or self-employment to replace the maximum OAS/GIS (Guaranteed Income Supplement) benefit of about $14,000 per year for individuals, or even to replace the basic OAS benefit of a little more than $5,000 per year.
For many Canadians, in fact, it will require doubling their annual income.
The report notes rolling back Old Age Security (OAS) eligibility to 67, from 65, not only will create hardship for seniors unable to delay retirement — those who are sick or in physically demanding positions, for instance — but also for low-income Canadians who desperately need that benefit to get by.
"It means suffering for people in their old age," says Angella MacEwen, a CCPA research associate. "Choosing to work longer is one thing. But forcing Canadians without workplace pensions or large savings to work full-time past 65 is unfair, especially given the high probability that the jobs many are able to find will be part-time and low paid."
In her report, released Monday, MacEwen notes it would take a considerable amount of hours working in low-wage jobs or self-employment to replace the maximum OAS/GIS (Guaranteed Income Supplement) benefit of about $14,000 per year for individuals, or even to replace the basic OAS benefit of a little more than $5,000 per year.
For many Canadians, in fact, it will require doubling their annual income.