The Canadian government will raise the retirement age from 65 to 67 during the budget which will be presented next Thursday. The rumors come from a Canadian newspaper, The Globe and Mail, which reveals how the Conservative government of Prime Minister Stephen Harper will propose the postponement of the usufruct of the benefits called "Old Age Security" by at least a couple of years.
The newspaper, which does not reveal its source, says that the Ottawa financial institution intends to prepare the country for the economic challenges due to the major demographic change that Canada is going through. The move, part of a major pension reform plan, will create a generational divide between Canadians who will receive the $6-a-year benefit at age 65 from those who have to wait longer. Canada has not set a statutory retirement age.
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