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Reforming Old Age Security: Effects And Alternatives

Author

Listed:
  • Nicholas-James Clavet
  • Jean-Yves Duclos
  • Bernard Fortin
  • Steeve Marchand

Abstract

The federal government announced in its 2012 budget its intention to delay the age of eligibility for Old Age Security and the Guaranteed Income Supplement from 65 to 67 years. By the time the policy is fully implemented (i.e., in 2030), this delay will have increased net revenues of the fedral government by 7.1 billion dollars per year (in constant 2014 dollars), but will reduce net provincial reveues by 638 million dollars. With constant labour and savings behaviour, this delay would also increase the percentage of individuals aged 65 and 66 years who are in the low income group from 6% to 17% (for an additional 100,00 low-income seniors in this age group) and would be most harmful to low-income seniors and to women. Alternative reforms to the Old Age Security could make it possible to aochieve similar effects on public finances without having such large impacts on the low income rate among seniors.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Nicholas-James Clavet & Jean-Yves Duclos & Bernard Fortin & Steeve Marchand, 2015. "Reforming Old Age Security: Effects And Alternatives," CIRANO Papers 2015n-04a, CIRANO.
    • Handle: RePEc:cir:circah:2015n-04a
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    File URL: https://cirano.qc.ca/files/publications/2015N-04a.pdf
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    Cited by:

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    2. Cathal O'Donoghue & Gijs Dekkers, 2018. "Increasing the Impact of Dynamic Microsimulation Modelling," International Journal of Microsimulation, International Microsimulation Association, vol. 11(1), pages 61-96.

    More about this item

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts

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