Human Resources Development Canada today announced an increase in Old Age Security benefit rates for the fourth quarter of 2001.

The basic OAS pension, paid to people 65 years of age and over, will be $442.66 per month. This is an increase of 1.4% over the rate for the previous three months.

The maximum Guaranteed Income Supplement and Allowance, which are based on the recipient’s family income during the previous year, are also increasing by 1.4%.

HRDC says that adjustments to OAS benefits are based on increases in the Consumer Price Index.