OAS reform at least a decade away: minister

OTTAWA — Canada’s relatively sound fiscal shape means it will not have to ratchet up the retirement age within the space of 10 years, Human Resources Minister Diane Finley said Thursday.

OTTAWA — Canada’s relatively sound fiscal shape means it will not have to ratchet up the retirement age within the space of 10 years, Human Resources Minister Diane Finley said Thursday.

Finley began putting some meat on the bare bones of its decision to reform old-age security during an interview with The Canadian Press.

The minister said only countries in dire fiscal straits need to adjust their seniors’ benefits within the span of a decade.

Canada won’t be in that position as long as it starts implementing changes immediately, she said — appearing to signal that reforms to Canada’s retirement benefits would be phased in very slowly, over much longer than 10 years.

She also committed to making sure low-income seniors who are adversely affected by the reform are taken care of.

“Any changes that are brought in will allow lots and lots of time for people to change their retirement plans going forward,” Finley said.

“If they’re not already near retirement, there will be a lot of time for them to adjust their retirement planning.”

She said Canada is lagging behind other countries that long ago began preparing their seniors’ benefits to deal with an aging society. But since Canada’s fiscal situation is strong, the federal government still has the benefit of time.

“Other countries have done this. In fact we’re behind on this,” she said. “The implementation period has ranged from 10 years to 40. Ten-year implementations are for those countries that are in desperate straits. Fortunately we’re not in that position.”

But at the same time, Canada can’t afford to wait any longer to begin implementing the changes, she said.whether that be at Veterans Affairs or any other part of government,” she said.

Just Posted

Portion of Red Deer’s 43 Street closed due to localized flooding

A portion of 43 Street in Red Deer was closed Saturday morning… Continue reading

WATCH: On 4—20 Day in Red Deer, marijuana users say legal weed a long time coming

Not wanting to wait for the federal government to legalize recreational marijuana,… Continue reading

Former Central Alberta MLA appealing fine for not protecting a list of 20,000 electors

List included names and addresses of voters in Rimbey-Rocky Mountain House-Sundre

Proposed Alberta legislation would protect consumers

Alberta Utilities Commission would be given power to penalize natural gas and electricity providers

Red Deer beginning two major construction projects

Ross Street’s 1935-era water main to be replaced and 67th Street roundabout landscaped

WATCH: Red Deer RCMP and Emergency Services play for Humboldt

Red Deer police officers and firefighters laced up their skates to raise… Continue reading

After air accidents, survivors grapple with flying again

Hundreds of hands grappling with oxygen masks. Flight attendants warning passengers to… Continue reading

Queen Elizabeth to attend pop concert for 92nd birthday

LONDON — Queen Elizabeth is marking her 92nd birthday with a Saturday… Continue reading

‘Such a great person:’ Funeral being held for assistant coach with Broncos

STRASBOURG, Sask. — Mark Cross was a ferocious competitor when he played… Continue reading

UPDATE: Missing Innisfail woman located

A 54-year-old Innisfail woman, who had not been seen since Wednesday, has… Continue reading

Hellebuyck makes 30 saves, Jets beat Wild in Game 5 to advance to Round 2

WINNIPEG — Bryan Little’s teammates were happy they could deliver something special… Continue reading

Red Deer College wins Community Inclusion Award

Red Deer College is an inclusive institution, and it has an award… Continue reading

Firefighters rescue cat from ice floe in river

WINNIPEG — Firefighters are known for helping cats stuck in trees, but… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month