Some of the country’s seniors who collect Old Age Security benefits will see a one-time $500 payment next month.
Seniors born before June 30, 1947 can expect the $500 during the week of August 16.
Meanwhile, as of this month, OAS benefits will automatically increase by 1.01 percent. That brings maximum monthly OAS pension amount to $626.49 from $618.45 – an increase of just $100 dollars over the course of the year.
Seniors 75 and over meanwhile will see a permanent 10 percent increase to their OAS pension which will be implemented in July of next year – it will be the first permanent increase to OAS since 1973.
The Guaranteed Income Supplement or (GIS) will also be adjusted for inflation.
Story courtesy of VOCM.