ABSTRACT
Old age pensions rank with children’s allowances and comprehensive medical care as the most costly items of social security. The practice of some business undertakings of fixing a chronological age for retirement is bad on both economic and social grounds. Retirement is determined partly by the decisions of employers and partly by the choice of workpeople. Vast amounts are spent to maintain the aged, but relatively little attention is given to ensure that their productive capacities are well used. Pensions paid as a right without a means test may be set at flat or uniform rates, usually related to the standards of unskilled workers, or they may vary with wages. The main feature of provident funds is that they are individual. The Canadian system of old age pensions came into operation at the beginning of 1952 in accordance with the federal Old Age Security Act. Some occupational schemes are integrated or dovetailed with the social security pensions.
