OAS and CPP Changes 2024: The Government of Canada is providing retirement benefits to the citizens in the country through OAS and CPP programs. Where the OAS a fixed retirement payment irrespective of any investment and CPP is an investment based retirement program where applicants can get extra payment according to their investment. Currently government has revised the eligibility criteria and conditions for the CPP and OAS beneficiaries after October 2024.
If you are also living in Canada and availing the monthly benefits of CPP and OAS then this article will very helpful for you where we will share the latest and revised eligibility criteria of program along with it we will share with you the upcoming payment updates for the beneficiaries.
OAS and CPP Eligibility Revised
The consumer price index is indicating hike in the inflation and country for up to 2.8% as compared to the previous year. However the complete data of the inflation in 2024 will be released at the end of the December, but government has revised the payment structure and eligibility for beneficiaries of OAS and CPP programs. The new eligibility will include changes in the investment in CPP and will provide flexibility to the citizens to opt the pension program or delay after the 60.
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CPP Updated Eligibility Criteria
Canada pension plan is very helpful program in the country where government is providing maximum amount of $1,364.60 Per month. However it is important to regularly invest in the program during the employment years after the age of 18 to receive the higher pension during the old age. But now if you are going to start your CPP program then should check the revised and updated eligibility which are discussed in this section.
- Changes in the investment structure: Currently if any individual in the country want to start the Canada pension plan program then have to invest 4.95% of their salary monthly in the program during the employment. After that the employer should also have to invest the same amount for for the employee per month. But it is saying to increase from.4.95% to 5.95%. However it will be implemented from January 2024.
- Apart from the employees in the country, if you are a self employed and want to get CPP benefits after your retirement then you need to invest the complete amount yourself only per month. Currently individuals are required to invest 9.90% of The monthly earning to get the payment in retirement which will be increased upto 10.90% accordingly after implementing this eligibility.
- Apart from the investment eligibility, government has also revised the Disability benefits and post retirement benefits to the applicants so they can get extra payment from 2025.
Apart from this The Other eligibility will remain same and will be implemented while getting the CPP payments.
OAS Updated Eligibility Criteria
Old age security program is very beneficial for those who were not able to invest in the CPP during the employment and want to get financial assistance from the government at the age of 60 or more. All the seniors are eligible to apply for the program where they can get the fixed payment of up to $727.67 According to the conditions of the applicant. However as much you earn extra, your payment will automatically reduce and adjusted accordingly. Currently government has announced new update for the beneficiaries of OAS in the country which are listed below:
- Increment in the payment: The Canada revenue agency has revised monthly payment of OAS beneficiaries and increased 1.3%. The payment is increased for the quarter of October to December 2024.
- It’s mean, individuals in that $9.5 Extra payment in upcoming month accordingly.
- If we compare the increment in October to December quarter of OAS then we can find that approximately 2.8% rates of inflation has been increased from October 2023 to October 2024.
The latest rates of OAS are increased according to the data of CPI of November 2024. So if you are also getting your monthly payment from Canada revenue agency for your retirement age then can check the above eligibility and updates by the authority and after that check your bank status after 27th November 2024 which is scheduled to release the payment of the beneficiaries.
Fact Check
Most deposits for government programs will vary based on individual circumstances, including income, work history, and eligibility. To avoid becoming a victim of misinformation, always verify claims through official government websites or consult a financial advisor. The article is based on news and data. It is advised not to use this article as professional advice for use. For accurate information, refer to the official website.
