Part of our government response has always been to support those most vulnerable seniors, and that is why we moved quickly on some of the measures that we've talked about since 2015, on restoring the age of eligibility to 65 for OAS and GIS and enhancing the GIS and CPP.
We've all been in this now for two years, but when the pandemic first hit, almost two years ago, as you know, we moved extremely quickly to provide support for Canadians, including workers, seniors, students and businesses. These programs were certainly meant to ensure that people could stay at home, stay safe and have a roof over their heads, and that they would be able to make ends meet.
We know that some seniors were part of that group that relied on these pandemic benefits to help them get through this crisis. To be clear, it's important to recognize that every year thousands of seniors get their GIS adjusted depending on their income in the previous year. Since some of these working seniors received pandemic benefits, because they needed them at the time, they had their GIS affected in 2021. I agree that they shouldn't be penalized for that.
They needed that support at that time, and I want to assure the honourable members of this committee that when I was first appointed to this role, this was the very first thing we worked on. We worked very quickly with our officials to look at all possible options. We worked with the Minister of Finance to quickly put in a major investment in the financial and economic update to fully compensate the seniors who were affected, and that work, as I mentioned, is already under way.
This is going to be an automatic one-time payment. It will support affected seniors by fully compensating them for the full loss of their GIS and allowance benefits.
To your second point, why is it so important to ensure that we move forward on Bill C-12? Bill C-12 is going to ensure that this doesn't happen again. To fully fulfill the commitment in my mandate letter, we introduced Bill C-12. It is going to simply amend the Old Age Security Act to exclude any income received under the CERB for the purposes of calculating the GIS or allowance amounts payable.
It is a very simple bill. It is a quick but significant amendment to the OAS act to ensure that seniors, particularly the most vulnerable, are not impacted again this year for the benefits they received last year. As I mentioned, I have already proactively reached out to all parties. They all agree. They have been calling for this. I really hope we can move quickly to advance this bill, because we need to get to the point where we can make sure this doesn't happen again.
Cliff or Alexis, would you like to talk a bit about why it's so important to get it in place as soon possible, so we don't have that impact again this year?