Canada is not keeping up with its G7 peers in raising the age of eligibility for public retirement programs, says a study from the Fraser Institute.
Canada is the only G7 country without a plan to increase its age of eligibility, after the Liberal government scrapped the plans of its predecessor to increase the age to 67 by 2023. (In some cases, such as in the U.K. where there’s a plan to raise the age to 68 by 2039, plans are far into the future).
Along with Norway, Sweden, Luxembourg and Switzerland, Canada is one of only five countries belonging to the Organization for Economic Co-operation and Development (OECD) that’s not planning to raise the age.
The think tank’s report, “Age of Eligibility for Public Retirement Programs in the OECD,” says doing so would better prepare Canada for an aging population.
The Liberal government isn’t on the same page. A February report from the Liberals’ economic advisory committee called on the government to raise the eligibility age for OAS and CPP in order to boost economic activity. In response, the government said increasing the age would lead to higher poverty rates among seniors.
Read the full Fraser Institute report here.