The report notes rolling back Old Age Security (OAS) eligibility to 67, from 65, not only will create hardship for seniors unable to delay retirement — those who are sick or in physically demanding positions, for instance — but also for low-income Canadians who desperately need that benefit to get by.
"It means suffering for people in their old age," says Angella MacEwen, a CCPA research associate. "Choosing to work longer is one thing. But forcing Canadians without workplace pensions or large savings to work full-time past 65 is unfair, especially given the high probability that the jobs many are able to find will be part-time and low paid."
In her report, released Monday, MacEwen notes it would take a considerable amount of hours working in low-wage jobs or self-employment to replace the maximum OAS/GIS (Guaranteed Income Supplement) benefit of about $14,000 per year for individuals, or even to replace the basic OAS benefit of a little more than $5,000 per year.
For many Canadians, in fact, it will require doubling their annual income.