On Wednesday, Ontario Finance Minister Charles Sousa unveiled his 2018 budget ahead of the upcoming provincial election.
Benefits Canada has narrowed down the key budget items that affect pensions and benefits matters. Check out Benefits Canada‘s coverage of the issues below:
- Ontario unveils new drug, dental coverage for people without workplace benefits
- Disclosable event regime, Sears measures among pension changes in Ontario budget
- OHIP+ for seniors a ‘significant win’ for employers with retiree benefits plans
The budget promised a host of new spending in a number of areas. While the Ontario government balanced its budget last year, it’s now returning to deficits as a result of the new programs and spending. For 2018/19, it’s planning a deficit of $6.7 billion.
Besides the major financial items, the budget confirmed the government’s plan to address pay transparency and wage gaps based on gender that it announced earlier in March. The legislation would also prohibit employers from asking job applicants about prior compensation. In addition, it would protect employees from penalties for discussing pay issues with their colleagues or employers.
Other gender-related items include a plan to use the government’s buying power to encourage large companies that sign new contracts with the province to reach its target of having 30 per cent women on private sector boards.