TORONTO (AP) — Canada's Conservative government said Thursday that it is raising the retirement age to 67 from 65 for pension benefits as the finance minister introduced a federal budget features the biggest cutbacks since the mid-1990s.
Jim Flaherty presented a budget that sees cuts of a total of $5.2 billion in annual federal spending, including scrapping the money-losing penny, in the government's first budget since the Conservative party won majority rule.
The government said delaying retirement benefits, worth more than $6,000 a year, for two years, will encourage people to stay in the workforce longer and save the government billions of dollars.
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