We expect spending on old age security and the guaranteed income supplement to rise significantly over the next couple of years due to two main factors. The first is demographics: As the population of those aged 65 and over grows, that will increase the population eligible for these two programs. Second is inflation, obviously. There's a third factor that contributes to the growth in expenditures for old age security and the guaranteed income supplement, and that's the top-up for those aged 75 and over, which the government recently introduced. These three factors are driving growth in expenditures on old age.
On May 8th, 2023. See this statement in context.