Report : Issues related to increasing the "retirement age

The cost of the Old Age Security (OAS) Program, as a percentage of gross domestic product, is not projected to increase significantly, and the Canada/Québec Pension Plan (C/QPP) is expected to operate in its current form through the retirement of the baby boom generation. [...] Assuming that the cost of living rises at 2.3% per annum, and that earnings rise at 3.6% per annum, it is projected that: • The number of beneficiaries of the basic pension is expected to almost double over the next 20 years, growing from 4.7 million in 2010 to 9.3 million by 2030, mainly due to the retirement of the baby boom generation over that period. [...] The balancing variable was the age of exiting the labour force (i.e., retirement, which moves one from the denominator to the numerator). [...] However, the general trend shows the projected increase in the average retirement age in Canada from 61.8 in 2009 (combined for both genders) to 64 by 2030 under the best-estimate assumptions of the 25th CPP Report. [...] Women often leave the labour market to care for family members.5 Table 16 shows the average age at which older workers withdrew from the labour force over the period 1970–2009 for selected OECD countries, which is the average effective retirement age.6 The OECD notes: The average effective age of retirement is calculated as a weighted average of (net) withdrawals from the labour market at differen