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Results: 1 - 15 of 1423
Kristen Underwood
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Kristen Underwood
2021-06-03 15:36
Yes, I was going to say for clarification, Mr. Chair, that we're talking about an increase to the old age security pension. The OAS is funded through the consolidated revenue fund and not by contributions from employees and employers.
Kristen Underwood
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Kristen Underwood
2021-06-03 15:37
The measure is meant to target older seniors. It's a universal benefit for those 75 and older. We did some data analysis, and it does show that there are higher levels of vulnerability for those who are 75 and older.
We've talked about some of those statistics here before. I could talk about them again, but the issue we're trying to address here is the increased vulnerability of older seniors.
Kristen Underwood
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Kristen Underwood
2021-06-03 15:40
I'm sorry. I am having some trouble with my computer. It's jumbling as people are speaking. I think I heard the question clearly, but if for some reason I crackle out, maybe my colleague Kevin Wagdin could take over for me.
Thank you for the question. I believe you were asking for a bit more detail on the statistics regarding differences between those who are 65 to 74 and those who are 75 and older.
As we've mentioned before, close to half of those over 75 have a disability and about 56% have severe disabilities. The majority of seniors over 75 are women, and those women tend to more frequently live alone and have lower incomes. Four in 10 are widowed, six in 10 have incomes below $30,000 a year and four in 10 receive the guaranteed income supplement, which is targeted to lower-income seniors. They face higher health costs. For those who are 80 and over, health costs are two-thirds higher.
Those are just a few of the figures we have on the increased risks for those 75 and older.
Kristen Underwood
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Kristen Underwood
2021-06-03 15:42
We did share some data earlier for the committee's special study. We could share that again for the record, but I think the information I have given you is the same as what I gave before.
Kevin Wagdin
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Kevin Wagdin
2021-06-03 15:43
In fact, thank you very much for that question and the opportunity to clarify.
I believe during our last session you had asked for the specific age breakdown of seniors 65 to 74 versus those 75 and over. I just wanted to clarify or to make sure to clarify for the record that, according to our most recent administrative data, we had about 3.7 million OAS recipients between the ages of 65 and 74, whereas 2.8 million were 75 and over. I wanted to follow up with that just to ensure it was clear.
With respect—
Kevin Wagdin
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Kevin Wagdin
2021-06-03 15:44
Again, there would be 3.7 million OAS recipients in March 2021.
Kevin Wagdin
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Kevin Wagdin
2021-06-03 15:44
It is 57% of the total client group who would be between the ages of 65 to 74.
Kevin Wagdin
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Kevin Wagdin
2021-06-03 15:44
With respect to income distribution, while I don't have it broken down by 65 to 74, I can say, just to supplement our previous figure, 55% of all of our OAS pensioners have incomes below $30,000. That's just to add some more precision to the previous data we provided.
Kevin Wagdin
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Kevin Wagdin
2021-06-03 15:45
Again, while I don't have a specific number there, what I can say is that for our guaranteed income supplement benefit, which is our targeted income supplement, of the previous figure that I had provided for you—the 57% who are between 65 and 74—about 50% of those recipients.... Pardon me, there were about 1.1 million who were on the guaranteed income supplement, so they had income low enough for that. Of the 2.8 million seniors who are getting an OAS pension who are 75 and older, it was, again, about 1.1 million who were receiving the guaranteed income supplement.
Kristen Underwood
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Kristen Underwood
2021-06-03 15:56
I did hear it, but I may turn to my colleague Mr. Wagdin. We have done some research.
Kevin, do you want to give it a go?
Kevin Wagdin
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Kevin Wagdin
2021-06-03 15:57
Again, some of the research that we looked at as part of this proposal I think my colleague Kristen has touched on. With respect to specific percentages, we do know that the percentage of OAS pensioners with incomes below $30,000 is about half of seniors 65 to 74, but it's actually 59% for those who are 75 and older. We know that 39% of seniors 75 and over receive the GIS, whereas only 29% of seniors between the ages of 65 and 74 receive the GIS.
As we have spoken about, there are also the added issues that come into play with experience with disabilities and then the fact that older seniors are less able to supplement their incomes with paid work. The median employment income for a senior between the age of 65 and 74 is $10,000, whereas for a senior over the age of 75, it's only $720. That was the evidence that we looked at with respect to this proposal.
Kevin Wagdin
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Kevin Wagdin
2021-06-03 15:58
Sure. According to the 2018 Canadian income survey, the percentage of OAS pensioners with incomes below $30,000—so, the percentage of seniors between the ages of 65 and 74 with an income below $30,000—was 52%. That percentage increases for seniors 75 and over to 59%.
Results: 1 - 15 of 1423 | Page: 1 of 95

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