Madam Speaker, I am thankful for the opportunity to highlight some of the important actions in budget 2024 to ensure that Canada's social safety net works for every generation.
When our government was first elected in 2015, we recognized that the economy had changed. People needed more supports and supports of a new kind. The government got to work very quickly after 2015. We introduced the Canada child benefit, which has helped cut the child poverty rate by more than half. We reinforced the security and dignity of retirement income by strengthening the Canada pension plan and increasing old age security for seniors aged 75 and over.
We permanently eliminated interest on federal student and apprenticeship loans and made generational investments in early learning and child care with $10-a-day child care, cutting child care costs by at least half, giving families money back in their pockets and giving children the best start in life. That equates to thousands of dollars per year. The average family in my area pays about $1,800 per month for child care. If we think about cutting those fees in half, that is substantial savings for each family. These have been investments in people, unprecedented in the history of Canada. With budget 2024, we are making transformative investments that will continue levelling the playing field and lifting up every generation.
At the heart of Canada's social safety net is the promise of access to universal public health care. We have made a promise to each other as Canadians that if we get ill or injured or are born with complicated health issues, we do not need to go into debt just to get essential care. Here in Canada, no matter where one lives or what one earns, people should always be able to get the medical care they need. That is why last year the federal government announced our 10-year health care plan providing close to $200 billion to clear backlogs, improve primary care and cut wait times, delivering the health outcomes that Canadians need and deserve.
With budget 2024, we are introducing new measures that will strengthen Canada's social safety net to lift up every generation. That includes national pharmacare. It includes our landmark move toward building a comprehensive national pharmacare program. Bill C-64, the pharmacare act, proposes the foundational principles of national universal pharmacare in Canada and describes the federal government's intent to work with provinces and territories to provide universal single-payer coverage for most prescription contraceptives and many diabetes medications. The pharmacare act is a concrete step toward the vision of a national pharmacare program that is comprehensive, inclusive and fiscally sustainable today and for the next generation. With budget 2024, the government is proposing to provide $1.5 billion over five years to Health Canada to support the launch of the national pharmacare plan.
Another aspect of strengthening the social safety net is the Canada disability benefit. Last year, Parliament passed Bill C-22, the Canada Disability Benefit Act. This landmark legislation created the legal framework for a benefit for persons with disabilities. The benefit fills the gap in the federal government's robust social safety net between the Canada child benefit and old age security for persons with disabilities, and it is intended to supplement them, not replace them. That is very important. We are not replacing the provincial and territorial income support measures, but offering to top them up. We strongly urge the provinces and territories not to claw back those supports for people living with disabilities.
With budget 2024, we are making this benefit a reality by proposing funding of $6.1 billion over six years and $1.4 billion per year ongoing for the new Canada disability benefit, which would begin providing payments to eligible Canadians starting in July 2025. The Canada disability benefit would increase the financial well-being of low-income persons with disabilities between the ages of 18 and 64 by providing an income-tested maximum benefit of $2,400 per year. As proposed, the benefit is estimated to increase the financial well-being of over 600,000 low-income, working-age persons with disabilities. It is just a start. We know that those individuals who are living below the poverty line and who are living with a disability are going to need more support, and we are committed to increasing that in the future.
With respect to the new youth mental health fund, our government is also well aware that young Canadians are facing high levels of stress and mental health challenges, including depression and anxiety. Many of them are still in school or just starting their careers and are struggling with the cost of private mental health care. The rising cost of living has further exacerbated this issue. This is a top issue for my youth constituency council that has been meeting for years, and the youth on the council have often said it is important for them to have greater access to mental health care. That is exactly why we have set up the $500-million youth mental health fund, which will provide resourcing for five years to help younger Canadians access the mental health care they need.
Supporting children is another aspect, and this is something I feel very strongly about as a father of two young girls. We know that children are the future of Canada. They will become tomorrow's doctors, nurses, electricians, teachers, scientists and small business owners. Every child deserves the best start in life. Their success is certainly Canada's success. With budget 2024, the government is advancing progress through investments to strengthen and grow our Canada-wide early learning and child care system, save for an education later in life, have good health care and unlock the promise of Canada for the next generation.
This includes a decisive action to launch a new national school food program. This is something I advocated for well before I became a member of Parliament, and it was a pleasure to see us get over the finish line and get it included in this year's budget. That national school food program will help ensure that children have the food they need to get a fair start in life regardless of their family circumstance. The $1-billion commitment to the program is expected to provide meals for more than 400,000 kids each year.
We are also supporting millennials and gen Z, for whom we must restore a fair chance. If one stays in school and studies hard, one should be able to afford college, university or an apprenticeship. One should be able to graduate into a good job, put a roof over one's head and build a good middle-class life in this country. In budget 2024, the government is helping to restore generational fairness for millennials and gen Z by unlocking access to post-secondary education, including for the most vulnerable students and youth; investing in the skills of tomorrow; and creating new opportunities for younger Canadians to get the skills they need to get good-paying jobs. More specifically, with budget 2024 we are announcing the government's intention to extend for an additional year the increase in full-time Canada student grants from $3,000 to $4,200 per year and interest-free Canada student loans from $210 to $300 per week. The increased grants will support 587,000 students, and increased interest-free loans will support 652,000 students, with a combined $7.3 billion for the upcoming academic year.
We are also helping to lower costs for everyday Canadians. While I am proud of the social safety net support that our government has provided to Canadians since 2015, we are well aware too many Canadians today are feeling like their hard work is not quite paying off. I am here today to reassure Canadians that it does not have to be this way, and that our government is working hard to help Canadians keep more of their hard-earned dollars. To do this, we are taking action to hold to account those who are charging Canadians unnecessarily high prices, whether it is corporations charging junk fees or unnecessary banking fees. The budget will help better ensure that corporations are not taking advantage of Canadians, and it will make sure the economy is fair, affordable and set up to make it easier to get a good deal.
As Canadians, we take care of each other. It is the promise and the heart of who we are, and it goes back generations. From universal public health care to employment insurance and to strong, stable, funded pensions like the Canada pension plan, there has always been an agreement that we will take care of our neighbours when they have the need. It gave our workers stability and gave our businesses confidence that the right supports were in place where we live. This supports our economy and keeps people healthy, ready and well supported. It keeps the middle class strong.
