Liberals offering greater retirement security for seniors

September 14, 2015

TORONTO – A Liberal government will work to ensure that Canadian seniors get the secure and dignified retirement they deserve, said the Leader of the Liberal Party of Canada, Justin Trudeau, today.

“Far too many Canadians are anxious about their retirement these days,” said Mr. Trudeau. “After a lifetime of hard work, our seniors should not have to struggle just to make ends meet. A Liberal government will make sure they get the retirement they have earned.”

Right now, a Canadian who works their entire adult life receives, on average, just $618 per month upon retirement under the Canada Pension Plan. As part of our three-point plan to create jobs, grow the middle class, and help those working hard to join the middle class, a Liberal government will take immediate action, working alongside the provinces and territories, to make significant reforms to our current retirement security system.

  • We will restore the eligibility age for Old Age Security and the Guaranteed Income Supplement to 65.
  • We will help lift hundreds of thousands of seniors out of poverty by immediately boosting the Guaranteed Income Supplement for single low-income seniors by ten percent.
  • Since many seniors live on fixed incomes, we will introduce a new Seniors Price Index to make sure that Old Age Security and the Guaranteed Income Supplement keep up with rising costs.
  • Within our first three months in government, we will begin discussions with the provinces and territories, workers, employers and others on how to enhance the Canada Pension Plan.
  • We will not cut pension income splitting for seniors.
  • We will introduce a more flexible and accessible Employment Insurance Compassionate Care Benefit so that six months of benefits are available to those who are providing care to a seriously ill family member, rather than only those caring for a loved one at risk of death.
  • We will prioritize significant new investment in affordable housing and seniors’ facilities as part of a Liberal government’s commitment to a new, ten-year investment of nearly $20 billion in social infrastructure.

“Unlike Thomas Mulcair, who is adopting Stephen Harper’s budget and rushing to eliminate the deficit in just six months, Liberals are able to invest more in our seniors because of the choices we are making. Over the next four years, a Liberal government will invest three times more in payments to our lowest income seniors than the NDP,” said Mr. Trudeau. “The promise of a retirement, free from poverty or financial worry, is a promise we can and must keep. A Liberal government will ensure our seniors can live in comfort and with confidence.”

Related Product:

Backgrounder – Real Change: Retirement security for our seniors