Thank you for the question.
You're referring to the fact that in July 2022, the OAS was permanently increased by 10%, and then your bill was put forward to address that. That 10% increase was for those 75 and older. I understand your bill was to address the 65-to-74 age group.
This increase to 75 years and older was done to address the fact that we are aware that those who are 75 and older have less ability, generally, to continue to participate in the workforce. For some folks who retired earlier, their financial planning doesn't take them as long...and this is because folks are living longer than they expected to in many cases. Their retirement investments just aren't taking them far enough. They can see, going forward, that they're not going to have as many funds to rely on. This is why this age group was specifically targeted.
Those who are 75 and older tend to have higher health-related needs. Depending on the province they live in and the resources available, this can mean higher costs for them as well. This really was a targeted measure that was put in place to make life more affordable for those who experience more vulnerability.
We know the need is great, particularly for those who are relying on OAS and GIS specifically. To target those who are 75-plus was intentional to address the heightened need.