Ted Falk, Member of Parliament for Provencher, applauded a proposed new financial benefit aimed at providing financial stability to Veterans who are moderately to severely disabled. The announcement was made by the Honourable Erin O’Toole, Minister of Veterans Affairs. The Minister was joined at the announcement by Veterans’ groups, members of the Canadian Armed Forces and the Veterans Ombudsman, Guy Parent.
“The Government of Canada places the highest priority on making sure Veterans have the support and services they need, when they need them,” said MP Falk. “This proposed new initiative is evidence of the Government of Canada’s commitment to ensure that Canadian Veterans and their families are treated with care, compassion and respect.”
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 the Veteran’s annual income. The new Retirement Income Security Benefit announced today 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. 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.
The Government of Canada also recognizes the complexity of financial benefits available for moderately to severely disabled Veterans. As part of a continued commitment to Veteran-centric care, Minister O’Toole indicated that Veterans Affairs Canada (VAC) is examining ways to combine these new and existing supports into a single monthly pension for severely injured Veterans.
