Mr. Speaker, I am pleased to rise to participate in today's debate in the House.
I want to begin my speech by making one important point.
Canada is what it is today because of our seniors. After a lifetime of hard work, seniors deserve to enjoy a secure and dignified retirement. My work in senior care before entering politics has made this a top concern of mine.
We need to always remember the value of their years of experience, their wisdom, their guidance and their care. I will say they are our greatest community of volunteers, caregivers and babysitters. They are our mentors, our teachers and advisers. They are a connection to our histories, the work and knowledge that shaped our country, our families and our communities.
In their twilight years, seniors should have the opportunity to enjoy and embrace their lives without having to fear poverty. In 2015, the Liberal government, after years of neglect by the Conservatives, has taken specific and targeted steps to reduce poverty among our seniors, and ensure that all those whose lifetime of work has brought us to where we are today are able to enjoy a proper, dignified and long retirement.
One of the government’s first steps in 2015 was to engage with the provinces to enhance the Canada Pension Plan and provide retirement security for all Canadians. After collaborating with its provincial partners, it took real actions to improve the lives of our seniors. Before this, the CPP retirement pension replaced only one quarter of someone's average work earnings. Since 2019, this has been growing, and soon the CPP pension will replace one third of their average work earnings.
Eligible pension earnings will also increase to $82,700, from the $54,000 a few years ago. This is a hallmark of the government’s social welfare policy and was advocated for and endorsed by CARP, an organization which, before entering politics, I co-chaired here in Ottawa. The enhanced CPP, once fully implemented, will put up to 50% more into the pockets of retirees.
Another fundamental component of this strategy is the additional supports provided by old age security and the guaranteed income supplement. Since the government took office in 2015, 25% fewer seniors live in poverty. Just as it did with the retirement age, the Liberal government restored the eligibility age for old age security to 65 after the previous Conservative government’s decision to raise it to 67.