Canada Pension Increase: Expected CPP and OAS Boost in 2024
In 2024, both the Canada Pension Plan (CPP) and Old Age Security (OAS) payouts are likely to go up. What you can expect is broken down below:
To keep up with inflation, CPP benefits are changed every year based on the Consumer Price Index (CPI). The exact rate of increase for 2024 will depend on the inflation rate.
The exact percentage for 2024 will be made public, but recent raises have been around 6–8 percent because inflation has been higher in the past.
Your monthly CPP payments will go up by the same amount as the rate of inflation because of the change. For instance, if the COLA is 6% and your monthly CPP
If you worked and paid into the CPP, and are now getting benefits based on those contributions, you are qualified.
Every year, OAS payouts are also changed to account for inflation. In late 2023 or early 2024, the raise for 2024 will be made public.
As a result of the inflation adjustment, the OAS payment will go up. For instance, if the highest amount of OAS you can get is $650 and the change is 6%, the new amount would be around $689.