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Costs, Savings Incentives and OAS/GIS

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Author Info
Keith Horner
Abstract

An aging population will raise the cost of Canada's Old Age Security/Guaranteed Income Supplement (OAS/ GIS) programs. If the benefit levels under OAS and GIS were increased in line with wages to maintain their antipoverty effectiveness, the program cost would double by 2030 as a percentage of the gross domestic product. With this scenario as a base, we employ a life-cycle model to explore the effect of program design changes on the cost of benefits, taking into account the interaction between OAS/GIS benefits and private retirement saving. One finding is that, despite savings responses, raising--not lowering--the 50 percent benefit-reduction rate under the GIS would reduce program costs.

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File URL: http://economics.ca/cgi/jab?journal=cpp&view=v34s1/CPPv34s1p119.pdf
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Publisher Info
Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 34 (2008)
Issue (Month): s1 (November)
Pages: 119-136
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Handle: RePEc:cpp:issued:v:34:y:2008:i:s1:p:119-136

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Michael J. Daly, 1981. "The Role of Registered Retirement Savings Plans in a Life-Cycle Model," Canadian Journal of Economics, Canadian Economics Association, vol. 14(3), pages 409-21, August. [Downloadable!] (restricted)
  2. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2004. "Are Americans Saving "Optimally" for Retirement?," NBER Working Papers 10260, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Jeremy Lise, . "Is Canada’s Retirement Income System Working?," Working Papers-Department of Finance Canada 2003-02, Department of Finance Canada. [Downloadable!]
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This page was last updated on 2009-12-9.

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