The Canadian Pension System In Canada Case Study

987 Words 4 Pages
Canada will soon face the burden of the aging population . The aging and retiring baby boomers will cause income growth, tax revenues, public programs such as, Health care, Caregivers and Income support for seniors to become more costly.
The Canadian pension system is one of the biggest problem in Canada that need addressing .Our pension system is often supported by three legs, The Canadian Pension Plan (CPP), Old Age Security (OAS) ,Workplace Registered Pension Plan (RPPs) and the Personal Retirement Savings (RRSPs) for individuals contributions into retirement.(Benefits Canada,2014)
These program was put into place to support the aging population and to prevent Poverty, Isolation , Financial difficulty,Retirement/ Relocation , Health care
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Retiree are forced to work longer in the Canadian workforce just to support their financial needs because their monthly cost of living exceed over the $546.07 to which the government monthly income covers. Also, retiree with chronic illnesses faces financial hardship with the Universal healthcare coverage because not all of the prescribe medication falls under the $4.11 that seniors paid when they reach retirement age and therefore medication like BD Ultra fine pen needles, Apidra Insulin needles , Microlet smooth testing needles and many others are not covered by OHIP and a yearly fee of $100.00 have to be paid to Canadian pharmacies before medication that falls under the $4.11 can be issue to seniors for ongoing health care or else they have to pay full payment for these prescriptions. Although, seniors represent 14% of our population and consume about 44% of our provincial and territorial health care expenditures which are covers through publicly funded universal health insurance (Medicare) they still go through struggles and some seniors rely on special diet funding through Ontario Work to help with additional health care cost ( Statistic …show more content…
In order for an immigrant senior to be qualified to receive the full $546.07 they have to live in the country for 40 years and many of these seniors never lived or work within Canada for 20 years (The Globe and Mail, 2015) Immigrant seniors who fall below low income earnings can apply for The Guaranteed Income Supplement (GIS) which provides additional money for those who meet the requirement and receiving the OAS as partial monthly earnings (Social affairs and population,2015)
One may ask how will the problem surrounding our seniors change when the OAS plan was designed to prevent poverty and financial challenges for retirees. The problem that confronts the aging community should not rest upon sound economics basis, but their circumstances should be governed by irrational and precarious sentiments. Even though, the poor themselves may agree that a guaranteed minimum of existence would be preferable to changing condition to a fair degree of comfort and the problem that overshadow the aging population should demand such

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