Many citizens have recently received information regarding the proposal to raise the age of eligibility for CPP (Canadian Pension Plan), Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) from 65 to 67 years.
The reason stated is “to ensure that the program will be available for all Canadians — both now and in the future.”
I have some questions and concerns. Where has the money gone that was collected in the past, and is being collected now? Where was the money invested and at what rate of return? The Canada Pension Standards Act requires all unions to be fully sustainable, to post bonds to secure the funds — does not the same rule apply to the government? If a person with no survivors pays into the program all his life, and passes away before the age of eligibility, what happens to his contribution?
What about health issues? If a person has his health, perhaps he can work the extra two years, but for people who are already finding it hard to hold down a job for health reasons, an extension of two years until eligibility could severely impact the standard of living.
Members of the younger generation, many of whom are experiencing difficulty finding decent paying jobs now will be waiting even longer to access the jobs held by the older population.
Many people take a penalty if they want or need to access their CPP early. Will they then be penalized for an additional two years?
Retirement is a rite of passage for every Canadian who has labored in the work force. Simply put, an individual pays his dues to make Canada a better place, and he deserves the right to enjoy his retirement years at age 65.