According to the World Health Organization, older Canadians are experiencing poor health and well-being, which is defined as a situation in which older Canadians are unable to meet their fundamental needs to maintain their participation in the country’s economic life (WHO). A similar technique may be used for determining the official poverty line in the United States, which is $1.25 per day in the United States and $1.25 per day in the United Kingdom, respectively. In Canada, the elderly are more vulnerable to poor health and nutrition than the general population, particularly during their early adulthood. Because of their advanced age, elderly people living in distant rural regions bear the brunt of the load (URL Shortener – Short URLs & Custom Free Link Shortener, n.d.). They are especially sensitive to the impacts of poverty because they are isolated from the rest of society. According to the most recent available statistics, which are based on estimates for 2017, Canadian seniors are considered to be living in poverty, according to the most recent available data.
Over the last several years, the number of seniors in Canada has climbed significantly, most likely due to an improvement in the country’s general health conditions. Since many Canadians are unable to satisfy their fundamental necessities due to their retirement and lack of financial resources, the federal government is currently evaluating whether or not to make legislative adjustments to help them.
To deal with this situation, the government has a social obligation, and it should take steps to do so as quickly as feasible. The Canadian government has devised several transfer mechanisms to assist the country’s growing elderly population. There are many other types of regulations, including Old Age Security, negative income taxation, earnings-linked pensions, and others, that may be found in various programs (URL Shortener – Short URLs & Custom Free Link Shortener, n.d.). Participants in such activities rather than depending on the government to address the issue have been more common over time, and it is projected to continue in this manner. The government has been able to avert a significant rise in the number of older people living in poverty in the foreseeable future due to years of hard work and smart policy decisions.
A key policy target is to increase social welfare, which includes everyone’s well-being while putting a special emphasis on the elderly. This is one of the government’s primary policy objectives. It is anticipated that the world’s population will quadruple by 2036 to ensure that people have the necessities when they reach retirement age. As a result, the retirement and pension gap must be addressed.
Beyond having a negative influence on one’s health, poverty has a lot of negative implications, one of which is that individuals are less prepared to retire when the time comes. Several negative economic consequences, including a fall in overall economic production, would be experienced by the economy if such a scenario happened. A comfortable retirement is becoming more difficult due to poverty and age-related health concerns (“Canadian income survey, 2017,” 2019). There are, fortunately, alternatives. A reduction in overall economic output will be necessary due to the inevitability of a decline in worker productivity. It will be more important to consider beneficiaries who are above the age of 65 in the future than before to consider beneficiaries under the age of 65. The same will be true for other sorts of benefits.
References
Canadian income survey, 2017. (2019, February 26). URL Shortener – Short URLs & Custom Free Link Shortener. https://bit.ly/370SXPk
(n.d.). URL Shortener – Short URLs & Custom Free Link Shortener. https://bit.ly/2qT1Uti
(n.d.). URL Shortener – Short URLs & Custom Free Link Shortener. https://bit.ly/375I5zO
write