Mr. Speaker, to ensure that the old age security, OAS, program remains sustainable, the age of eligibility for OAS and guaranteed income supplement will be gradually increased from 65 to 67, starting in April 2023, with full implementation by January 2029. An 11-year notification period, followed by a six-year phase-in period, is being provided to ensure that individuals have significant advance notification to plan their retirement and make adjustments.
The Chief Actuary is responsible for providing revised expenditure projections to the Minister of Human Resources and Skills Development, HRSD, when legislative changes are made to the OAS program. Once the Chief Actuary has submitted his supplementary report on revised program expenditures to the Minister of Human Resources and Skills Development in the 11th actuarial report on the OAS program, the minister will table it in Parliament within 30 sitting days, as per the Public Pensions Reporting Act. However, the Chief Actuary has provided the government with a preliminary estimate showing that $97.9 billion would be spent on the OAS program in 2030 if the proposed changes are implemented. Without changes, the cost of the OAS program will grow from $38 billion in 2011 to approximately $108.7 billion in 2030. More details on the expenditure impacts of the change in the OAS age of eligibility will be provided once the 11th actuarial report is tabled in Parliament.
If members require information on projections for the OAS program without the change to the age of eligibility, they may refer to the 9th and 10th actuarial reports on the OAS program, the most recent reports available, at http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=500.