Term
| Reasons for an increased median age (3) |
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Definition
- improvement in health care leads to longer life expectancy
- declines in birth rates
- establishment of the retirement age |
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Term
| 3 Pillars of Income Security for seniors |
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Definition
1. basic minimum income security allowances
- old age pension, spouse allowance, guaranteed income supplement
2. social insurance benefits
- CPP/QPP
3. private pensions and private savings plans
- RRSP's (registered retirement savings plans) |
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Term
| Inequality for Elderly Women's Income Security (3) |
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Definition
- women have lower paying jobs
- women are likely to work part time or casually
- women outlive their male counterparts so elderly women are often single |
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Term
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Definition
1927 - half paid by federal government, half paid by provincial government
- means tested |
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Term
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Definition
1951 - universal pensions for people over 70 years old
- included Aboriginals
- funded by the federal government
- includes selective, income-based GIS (1966) and Allowance for OAS recipients |
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Term
| 2 government-stated objectives |
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Definition
1. elderly people have sufficient income regardless of their pre-retirement income
2. avoid drastic income reduction upon retirement |
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Term
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Definition
1966 - pension upon retirement to those who contributed to it
- all employed Canadians over 18 y/o make compulsory contributions
- offers disability, death and survivor benefits
- inflation protection
- portable from job to job
- eligible for benefits at age 65 |
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