More than 130,000 seniors in Newfoundland and Labrador will receive a one-time payment of up to $500 to help offset rising living costs.
The Progressive Conservative government announced the Seniors Affordability Payment on Nov. 2, a program that will cost the government more than $64 million.
The government said it will begin sending out payments before the end of this year. The program says seniors earning up to $75,000 will receive $500, while those earning up to $100,000 will receive a lower payment, based on income. Seniors earning more than $100,000 will be ineligible for payment.
The payments decrease on a sliding scale. For example, a senior with adjusted net income of $80,000 would receive $420, while someone with income of $85,000 would receive $340. Payments fall to $260 at $90,000, $180 at $95,000 and $100 at $100,000….