Section 7 — Old Age Security Act: Basic amount of full pension

The amount of the full monthly pension that may be paid to any person for a month in the payment quarter commencing on January 1, 1985 is two hundred and seventy-three dollars and eighty cents. Where a full monthly pension has been authorized to be paid to a person, the amount of the pension shall be adjusted quarterly, in such manner as may be prescribed by regulation, so that the amount that may be paid to that person for a month in any payment quarter commencing after March 31, 1985 is the amount obtained by multiplying the amount of the pension that might have been paid to that person for a month in the three month period immediately before that payment quarter by the ratio that the Consumer Price Index for the first adjustment quarter that relates to that payment quarter bears to the Consumer Price Index for the second adjustment quarter that relates to that payment quarter. Notwithstanding subsection (2), the amount of a full monthly pension that may be paid to a pensioner for any month in a payment quarter shall be not less than the amount of the full monthly pension that was or may be paid to a pensioner for any month in the three month period immediately before that payment quarter. Where, in relation to any payment quarter, the Consumer Price Index for the first adjustment quarter is lower than the Consumer Price Index for the second adjustment quarter, no pension adjustment shall be made pursuant to subsection (2) in respect of that payment quarter;

and no pension adjustment shall be made pursuant to that subsection in respect of any subsequent payment quarter until, in relation to a subsequent payment quarter, the Consumer Price Index for the first adjustment quarter that relates to that subsequent payment quarter is higher than the Consumer Price Index for the second adjustment quarter that relates to the payment quarter referred to in paragraph (a), in which case the second adjustment quarter that relates to the payment quarter referred to in that paragraph shall be deemed to be the second adjustment quarter that relates to that subsequent payment quarter. Beginning in the payment quarter commencing on July 1, 2022, for the period that begins in the month after the month in which a person attains 75 years of age, the amount of the full monthly pension, as it is calculated in accordance with subsections (1) to (4), is increased by 10%.