Canada’s senior citizens are eagerly anticipating a possible increase in their pension benefits in 2024. With the cost of living on the rise and the effects of the pandemic still being felt, this potential increase is a hopeful sign for retirees who rely on their pension as a source of income.
The Canadian government reviews and adjusts pension benefits every three years to ensure they keep up with the rising cost of living. The next review is scheduled for 2024, and it is expected that retired individuals will see an increase in their pensions to help offset the rising cost of groceries, housing, and other expenses.
2020 saw a significant spike in the cost of living for seniors in Canada, with inflation rates reaching as high as 2.2%. This has put a strain on the budgets of many retirees, especially those living on fixed incomes. A potential increase in pensions in 2024 would provide some much-needed relief and help seniors maintain a decent standard of living.
However, it’s important to note that any increase in pension benefits is not guaranteed. The amount of increase and who will be eligible for it will depend on various factors, including the performance of the economy and the cost of living at the time of the review.
Additionally, the Canadian government has also been implementing measures to support and improve the pension system for future generations.