Bill Detail
An Act to amend the Old Age Security Act (amount of full pension)
This enactment amends the Old Age Security Act to increase the amount of the full pension to which all pensioners aged 65 or older are entitled by 10% and to raise the exemption for a person’s employment income or self-employed earnings that is taken into account in determining the amount of the guaranteed income supplement from $5,000 to $6,500.
✦ AI Summary
This bill proposes to increase the full Old Age Security pension by 10% for all seniors aged 65 and older. It also aims to raise the income exemption for the Guaranteed Income Supplement, meaning seniors can earn more from employment or self-employment before their supplement is reduced. The amount they can earn before deductions increases from $5,000 to $6,500.
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