Old age security benefits are increasing because of inflation.

The federal government says that as of Saturday, October 1, the basic OAS pension, paid to people 65 years of age and over, will be $479.83 per month, an increase of 0.6%.

The maximum guaranteed income supplement (GIS) and allowance payments, which provide additional benefits to eligible low-income pensioners and their spouses or common-law partners, as well as to eligible survivors, will also increase by 0.6%.

Old age security benefits are adjusted quarterly in January, April, July and October.

In addition to the quarterly increase, the GIS, the allowance and the allowance for the survivor will also increase by a total seven per cent over two years, beginning in 2006.

These benefits will increase by $18 a month for single recipients and by $29 a month for couples effective this January, and by the same amounts again on Jan. 1, 2007.

Money for this initiative was provided in the February federal budget.