The Yukon government has announced an allocation of $808,000 to recipients of the Yukon Seniors Income Supplement (YSIS).
The monthly inflation relief payment, which will be paid from April 2023 to March 2024, will amount to 39 per cent of their YSIS payment, according to a government statement.
The increase will provide financial relief to support seniors with the financial pressure of higher inflation and interest rates.
Renée Francoeur, cabinet communications advisor, said the government calculates the monthly YSIS based on a recipient’s Guaranteed Income Supplement amount.
“A person’s Guaranteed Income Supplement is calculated by the federal government based on their income as declared in their tax return from the previous year,” she said.
“By regulation, the amount paid to a YSIS recipient is calculated based on a base rate that is adjusted each October based on Consumer Price Index, less the scaled difference between the maximum amount payable under Old Age Security (OAS) and the beneficiary’s received benefit under OAS.”
In March 2023, the maximum monthly YSIS payment is $288.61 based on the 5.7 per cent increase in fall 2022.
Approximately 1,100 Yukoners currently receive YSIS payments.
Yukoners are eligible for the YSIS payment if they make their home in the Yukon, ordinarily are present in the Yukon and receive income supplement or spouse’s allowance from the Government of Canada under the Old Age Security Act.
The Department of Health and Social Services receives information from the federal government on eligible Yukoners.
The statement said the department is preparing a more in-depth review of income support for seniors, a commitment they argue in the Aging in Place Action Plan.
“Rising inflation rates have continued to increase financial pressures on many Yukoners, especially fixed-income households,” said Health and Social Services Minister Tracy-Anne McPhee.
“By providing temporary inflation relief to YSIS recipients, our government is taking steps to fulfill commitments made in the Aging in Place Action Plan to and support seniors and Elders through these challenging times.”
Contact Patrick Egwu at patrick.egwu@yukon-news.com