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As of October 1, 2011, OAS and GIS pension benefits will increase by 0.8 percent.
Ottawa ( 19 September 2011) —Human Resources and Skills Development Canada announced the quarterly benefit rates for Old Age Security (OAS), effective October to December 2011.
As of October 1, 2011, the basic OAS pension benefit, paid to people 65 years of age and older, will be $537.97 per month. This represents an increase of 0.8 percent from the current rate. Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by 0.8 percent.
The OAS program consists of the basic pension. The GIS and the Allowances provide additional benefits to eligible low-income pensioners and their spouses or common law partners, as well as to eligible survivors. OAS and GIS benefit rates are reviewed quarterly (in January, April, July and October) and revised as required to reflect increases in the cost of living, as measured by the Consumer Price Index set by Statistics Canada.
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