Chapter 10 Flashcards
There is a lack of
consensus over what
constitutes “old age”
OLD
Researchers, practitioners,
and policy makers have
used different markers to
guide decisions regarding
what constitutes “old age”
chronological markers
Physiological markers
Socio-cultural markers
chronological markers
Years of age
Physiological markers
Menopause
Socio-cultural markers
Retirement
stereotyping, prejudice, and discrimination against
people based on their age
ageism
Two primary goals of income security
for older adults:
1- “Ensure older people have sufficient
income regardless of their pre- retirement income”
2- “Avoid a drastic reduction in
standard of living upon retirement”
Level 3 primary plan
- Occupational Pensions
- Private Savings
Level 2 social insurance
- Public Pension Plans
- Canada and Quebec Pension Plans
(CPP and QPP)
Level 1 basic minimum
- Old Age Security (OAS)
- Guaranteed Income Supplement
(GIS) and Provincial/Territorial supplements
who pays for it?
private plans
cpp and Qpp
QAS and GIS
Individuals and/or their employers
private plans
Contributions made by those retiring (paid into while they were working), with contributions matched by their employer
CPP and QPP
Federal government via taxes (provinces/territories responsible for Provincial/Territorial
Supplements)
QAS and GIS
Basic Minimum programs include
- old Age Security (OAS)
- Guaranteed Income Supplements (GIS)
- Allowance
- Provincial & territorial benefits
provides a basic pension (adjusted for inflation) to virtually everyone over 65 years of age who has lived in Canada for the required length of time
old age security program
who pays for the old age security program ?
fed gov
It was intended as a ‘guaranteed annual income’
program; indeed, it is one of the few guaranteed
income programs operating in industrialized
countries
Guaranteed Income Supplement (GIS)
Provides a means-tested (income tested)
benefit to people between 60-65 whose
spouse is over 65
Provides benefits for those 60 to 64
whose spouse has died (stops when one
remarries or lives with a new common-
law partner for at least one year)
allowance
Federal benefits are supplemented with
provincial and territorial benefits in…
Ontario, Manitoba, Saskatchewan,
Alberta, British Columbia, Yukon, the
Northwest Territories, and Nunavut.
t or f: The provincial programs are generally means
or income tested
true
The provincial programs are administered
by _________
local social assistance or welfare
departments
Provides benefits to retirees who paid
into the system (made contributions)
while they were working
“It is therefore an insurance type of
income security program-it ensures the
contributor against loss of income due
to retirement
Public pension
public pension includes:
Canada Pension Plan (CPP)
Quebec Pension Plan (QPP)
Public contributory pension paid for by mandatory
contributions to the plan by all employed or self-
employed Canadians over the age of 18.
Employee contributions are matched with
contributions by their employer.
Program adjusted for inflation; also includes
disability, survivor, and death benefits
Canadian Pension plan (CPP)
CPP/QPP: Non-retirement contingencies include:
Disability benefits
Survivor benefits
Death benefits
Provides benefits to contributors unable to work due to “severe” and “prolonged” disability
Disability benefits
