MP David Wilks is fear-mongering about your Old Age pension, claiming on his website that unless he cuts it, the program “will become unsustainable in the long-term.” Nothing could be further from the truth.
In fact, experts from the OECD, leading universities, and the government itself have all said our Old Age Security (OAS) program does not face major challenges, and there’s no pressing need for change.
Canada’s Parliamentary Budget Officer says that Old Age Security is sustainable beyond the year 2082. Payments today cost 2.4 per cent of our national GDP. When the Boomers max out in 2031, that percentage will climb to 3.1 per cent, but then drop off again.
Conservatives like David Wilks are really trying to raid your retirement savings to pay for their extreme ideological agenda.
They say current seniors won’t see their benefits cut, but they aren’t saying anything about tomorrow’s seniors — hard working Canadians who have based their retirement plans around having Old Age pensions available to them.
The fact is, more than half of Old Age pensions go to seniors earning less than $25,000 year.
Canadian workers have paid taxes their entire careers expecting that these benefits will be available to them when they turn 65. Raising the age for OAS will mean that some will have to stay longer in the work-force, whether they’re physically up to it or not. Seniors’ poverty rates could rise by one-third. That’s just not right — not in a successful country like Canada.
Scott Brison, MP
Liberal Party of
Canada Finance Critic