The federal government has unveiled a proposed new financial benefit today aimed at providing financial stability to veterans who are moderately to severely disabled and their families.
A statement released by MP David Wilks said that currently, the Earnings Loss Benefit—upon which many moderately to severely disabled veterans rely—is not available after the age of 65, resulting in a drop in their annual income. The new Retirement Income Security Benefit announced this week would provide these veterans with continued assistance in the form of a monthly income support payment beginning at age 65.
“The proposed Retirement Income Security Benefit would work in concert with existing services and benefits to establish a continuum of support that spans a disabled veteran’s entire life,” the statement said. “It is designed for those whose ability to save for retirement was directly impacted by their service to our country. Income support would also be extended to families through continued payment of a monthly benefit to the veteran’s survivor.”
Veterans’ Affairs Canada is also examining ways to combine these new and existing supports into a single monthly pension for severely injured veterans.
- The Retirement Income Security Benefit would ensure that an eligible veteran’s total annual income is at least 70% of what he or she received in financial benefits from VAC before age 65.
- Monthly payments would be calculated on a case-by-case basis, taking into account how much the veteran was receiving before age 65 and other sources of income he or she may have beyond age 65.
- It is estimated that by 2020, approximately 5,800 Veterans and survivors would qualify for the Retirement Income Security Benefit upon turning 65. An estimated 261 veterans and survivors would receive payments by 2020.
- Today’s announcement responds directly to concerns raised by the Veterans Ombudsman and the House of Commons’ Standing Committee on Veterans’ Affairs.