March 16 - 31, 2019
PHILIPPINE ASIAN NEWS TODAY
17
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A secure and dignified retirement for Canadian seniors
All Canadian seniors deserve a
secure and dignified retirement, free of
financial worries. The Government of
Canada is working to support seniors
so they can enjoy their retirement
years and stay active and involved in
their communities.
The Prime Minister, Justin
Trudeau, today visited Scarborough,
Ontario, and highlighted Budget
2019 measures to improve the quality
of life for Canada’s seniors now, and
for generations to come.
Through Budget 2019, the
government is proposing new
measures so that Canadian seniors
can enjoy a more financially secure
retirement. These measures include:
- an increase to the Guaranteed
Income Supplement (GIS) earnings
exemption so that low-income seniors
who choose to keep working can keep
more of their hard-earned income
- pro-active enrollment in the
Canada Pension Plan for contributors
who are 70 years old or older to make
sure they are receiving the pension
payments they are entitled to
protection
of
- increased
workplace pensions earned by seniors
in the event of corporate insolvency
To better support Canadians
living with dementia and their
families, Budget 2019 also proposes
an investment of $50 million over
five years to implement Canada’s
first ever National Dementia Strategy.
The strategy will seek to increase
awareness and reduce stigma,
develop treatment guidelines and best
practices for early diagnosis, and help
us better understand dementia and its
effects on our communities.
In addition, Budget 2019
proposes increased funding for the
New Horizons for Seniors Program
to help seniors thrive and stay
connected to their communities. The
new funding would support projects
in communities across the country,
from providing fitness equipment for
seniors’ centres, to offering financial
literacy classes, to creating volunteer
opportunities.
With measures like these, this
year’s budget will help make sure that
all Canadian seniors can spend less
time worrying about making ends
meet and more time enjoying the
secure and dignified retirement they
deserve.(PM Trudeau website)
Longer maternity will shorten SSS fund life
Implementation of the Expanded
Maternity Leave Law will shorten the
state-run Social Security System’s
(SSS) fund life by one year, a senior of-
ficial said on Monday.
SSS Senior Vice President for Ac-
tuarial and Risk Management Group Ed-
gar Cruz issued the warning in a press
conference where he said the pension
security fund that will absorb the cost,”
fund would shoulder the cost.
Signed on February 20 by Presi- Cruz said.
In turn, he emphasized that this
dent Rodrigo Duterte, the new law pro-
vides working mothers 105 to 120 days would create a “setback” for the SSS’s
of paid maternity leave, up from 60 to fund life, which is currently expected to
run up to 2045 following implementa-
78 days.
“The expanded maternity leave did tion of the newly amended SSS Char-
not come with funding under the law. ter.
Republic Act (RA) 11199, which
So without such funding, it’s the social
WWW.PHILIPPINEASIANNEWSTODAY.COM
repealed RA 1161 as amended by RA
8282, aims to strengthen the pension
fund by allowing it to expand investing
capacity to generate better income.
It is expected to generate an ad-
ditional P31 billion for the SSS and add
13 other years to its fund life, or up to
2045. (M. U Caraballo, MT)