OAS not on a sustainable path

Substantial notice promised when Old Age Security changes proposed

Editor, The Record:

I know many seniors have been asking if their Old Age Security (OAS) cheque is going to stay the same. And others nearing retirement want to know if the OAS will be there for them when they reach age 65. The answer to both questions is yes.

Our government is committed to protecting retirement income for today’s seniors and future generations of retirees.

Canadians receive retirement income from several sources, including the Canada Pension Plan (CPP) and OAS. The CPP is funded by contributions by employees and employers and is safe and secure for the foreseeable future. OAS, on the other hand, is funded from general tax revenue and is not on a sustainable path.

In 1975 there were seven working taxpayers for every senior. Because our population is getting older, today there are only four working-age taxpayers for each senior, and by 2030, there will be just two working-age Canadians for each senior. Due to these changing demographics, the annual cost of the OAS program is projected to increase from $36 billion in 2010 to $108 billion in 2030.

To ignore these demographic realities is a dangerous course that our government will not take. Failure to make important decisions now about future changes could put the program in jeopardy for our children and grandchildren.

I can assure you that any changes to Old Age Security will not affect anyone currently receiving benefits, nor will they affect anyone now nearing retirement. Other Canadians, who are not near retirement, will receive substantial notice of changes to OAS to ensure they have enough time to plan for their future.

Our Conservative government will take responsible action — including changes to MPs’ pensions — to give confidence to future generations of seniors that publicly funded pensions will be there for them in their retirement.

Randy Kamp, MP

Pitt Meadows-Maple Ridge-Mission

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Police seized two fake guns and a knife on Saturday along Gladys Avenue in east Abbotsford.
Man arrested in Abbotsford after having fake gun for second time this year

Officers respond to all firearm calls as if the guns are real, police say

Tabor Home in Abbotsford. (Ben Lypka/Abbotsford News)
UPDATE: Tabor Home records 16 deaths and 124 COVID-19 cases

63 per cent of residents at Abbotsford long-term-care facility have tested positive

Elementary teacher Jo-Ann Lindahl poses with her students following an outdoor ‘closing circle’ in which they discussed what they had learned that day. (Image submitted)
Mission elementary teacher to receive national Indigenous educator award

Jo-Ann Lindahl named a 2020 Guiding the Journey: Educator Award recipient

Google Maps screenshot taken at 7:06 a.m.
Early-morning crash on Highway 1 has morning commuters in gridlock

Westbound crash occurred in Langley, west of 264th Street; left lane blocked

Swoop Airlines. (Contributed)
COVID-19 case reported on Abbotsford-bound flight last week

Affected flight landed in Abbotsford on Nov. 16

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature, Nov. 23, 2020. (B.C. government)
B.C. daily COVID-19 cases hits record 941 on Tuesday

Further restrictions on indoor exercise take effect

(Pixabay.com)
Man, 28, warned by Kootenay police to stop asking people to marry him

A woman initially reported the incident to police before they discovered others had been popped the question

Winston Blackmore (left) and James Oler (right) were sentenced on separate charges of polygamy this week in Cranbrook Supreme Court.
No more charges expected in Bountiful investigation, special prosecutor says

Special prosecutor says mandate has ended following review of evidence from Bountiful investigations

(Ashley Wadhwani/Black Press Media)
Refuse to follow B.C.’s mask mandate? Face a $230 fine

Masks are now required to be worn by all British Columbians, 12 years and older

BC Teachers' Federation President Teri Mooring is asking parents of school-aged children to encourage the wearing of masks when possible in schools. (THE CANADIAN PRESS/Chad Hipolito)
LETTER: Teachers union encourages culture of mask wearing in B.C. schools

BCTF President Teri Mooring asks parents to talk with children about wearing masks in school

Prime Minister Justin Trudeau speak to the media about the COVID-19 virus outside Rideau Cottage in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Adrian Wyld
Canada’s inability to manufacture vaccines in-house will delay distribution: Trudeau

First doses of COVID-19 vaccine expected in first few months of 2021, prime minister says

Police lights
Vancouver elementary school locked down after unknown man walks into classroom

Police arrested the man and sent him for a psych evaluation

(Pixabay)
All dance studios, other indoor group fitness facilities must close amid updated COVID-19 rules

Prior announcement had said everything except spin, HIIT and hot yoga could remain open

B.C. Liberal interim leader Shirley Bond speaks to reporters from Prince George via Zoom conference, Nov. 24, 2020. MLAs are being sworn in for the legislature session this week, many of them also by video. (B.C. legislature)
B.C. Liberal leadership contest will wait for election post-mortem

Interim leader set to face NDP on payments for COVID-19

Most Read