Parliament building. (Photo: The Canadian Press)

By David Opinko

Old Age Security payments increasing by 10% for seniors 75+

Jul 21, 2022 | 11:15 AM

OTTAWA, ON – The federal government has announced the first permanent increase to Old Age Security (OAS) pensions, not including adjustments due to inflation, for the first time since 1973.

Minister of Seniors Kamal Khera says the government is taking historic measures to improve financial security for the oldest seniors.

“The permanent increase to the OAS pension will help provide older seniors with greater financial security now and in the future,” says Khera. “Younger seniors—and all Canadians—can enjoy greater peace of mind while planning their retirement finances, knowing they will be able to count on more support from the OAS pension in their later years.”

OAS pensions are increasing by 10% for seniors aged 75 and older, meaning recipients will receive more than $800 extra over the first year.

Younger seniors who qualify for OAS will see their payments increase by 2.8% as a result of quarterly indexation.

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Payments will be automatically increased so eligible seniors will not have to take any action.

These changes will apply to approximately 3.3 million seniors across the country.