SOC334H5 Lecture Notes - Lecture 8: Vezia, Canada Pension Plan, Old Age Security
Document Summary
Prevalence of low income by age group: for the older adults the prevalence declines over the years, for the youth and the young adults, their prevalence is higher, canada is doing pretty good. 1: net worth is the amount family units would have if they sold all of their assets and paid off all of their debts. Prevalence of low income (after tax), by age group, canada: canada is doing pretty good. Old age security maximum amount is : those that are low income, might get a supplement (guaranteed income supplement) Historical developments in canada"s pension system: before the 1920s, self or family help only for old age; high rents made it difficult for poor to look after their parents. Canada: a strict means test was applied and was widely regarded as humiliating. In 1951, the old age security act and old age assistance act replaced the pension act: oasa provided a month at age 70 and beyond.
