With cost containment a key concern for sponsors of benefit and pension plans, are you planning on making changes to your plan design in the near future?
According to recent research conducted by Benefits Canada, 64 per cent of 204 senior benefit plan decision-makers surveyed said they were concerned about how drug prices could rise over the next few years. There’s good reason for the concern, of course, with health benefit premiums, drug plan costs and and pooling costs having increased steadily.
Pension costs are also a concern, especially with the recent deal to expand the Canada Pension Plan signalling upcoming increases to both employer and employee premiums.
But on the flip side, with companies like Starbucks increasing their benefits and pay for employees this month, organizations are under pressure to make changes to attract and retain talented staff.
So what’s your take? Are you looking to change your benefits or pension plan any time soon either to improve it or cut back on costs? Or are you happy with how things are or is making changes too difficult at the moment despite the pressures? Have your say in the latest Benefits Canada online poll.
Read: Are benefits plans a health resource or compensation?
Last week’s poll asked our readers if they agreed with Canada Post Corp. or the Canadian Union of Postal Workers in the current labour dispute. Respondents heavily favoured the union, with 75 per cent agreeing it’s important to fight for better pensions. About one-fifth (21 per cent) of respondents supported Canada Post’s push for a defined contribution pension plan as a necessary move to maintain stability.
