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The Canada Pension Plan ( CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada 's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either ...
In Canada, the entirety of the social provisions of government are called social programs ( French: programmes sociaux ), as opposed to social welfare in European/British parlance. Like in the United States, welfare in Canada colloquially refers to direct payments to low-income individuals only, and not to healthcare and education spending. [2]
The Old Age Security (OAS, French: Sécurité de la vieillesse) program is a universal retirement pension available to most residents and citizens of Canada who have reached 65 years old. This pension is supplemented by the Guaranteed Income Supplement (GIS), which is added to the monthly OAS payment for seniors with lower incomes.
The future of Social Security is a hot-button issue, and the closer we get to the election, the hotter it gets. ... withholding — the federal payroll taxes that fund Social Security and Medicare ...
According to the Social Security Administration, if you retire at 62, the earliest possible Social Security retirement age, your benefit is lower than if you wait. If you were born 1960 or later ...
Social Security is hurtling towards insolvency and addressing this issue will be crucial in the years to come. Its combined trust fund is expected to run out of money in 2035, so benefits will be ...
Reduce benefits for new retirees. If Social Security benefits were reduced by 3% to 5% for new retirees, about 18% to 30% percent of the funding gap would be eliminated. [citation needed] Average in more working years. Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if ...
People receiving Social Security retirement benefits might be nervous about rumblings of a “possible” recession, especially those still working part-time. While the economy isn’t in a ...