More than four in 10 (41 per cent) Canadian businesses laid off staff in the wake of the coronavirus pandemic, according to a new survey by Statistics Canada. The survey, which polled representatives from more than 12,600 Canadian businesses, also found 38 per cent of businesses said they’ve reduced staff hours or shifts. Nearly one-fifth […]
Devastated by the coronavirus, the U.S. economy is sinking. And the plunge is accelerating. Now, as some businesses in a few states start to trickle back to work, hopes are beginning to arise that the economy, damaged as it is, might be poised to rebound by the second half of the year. If more employees […]
While the Canadian retirement industry has spent a lot of time focusing on the accumulation stage, the decumulation conversation is much further behind. For defined contribution pension plans, almost all jurisdictions across the country have now passed variable benefits legislation, including Ontario, which began allowing the option on Jan. 1, 2020. However, despite receiving legal […]
Many employers expect to maintain the flexible and remote-working policies they’ve recently put in place once the coronavirus pandemic is over, according to a new survey by Willis Towers Watson. The survey, which polled 200 U.S. employers, found 59 per cent said they expect their work-from-home policies will remain in effect after the pandemic, while […]
Canadian defined benefit plans saw a median return of negative 7.1 per cent in the first quarter of 2020, after enduring a historic period of market volatility and economic turmoil resulting from the global pandemic crisis, according to both the Northern Trust Canada universe and the RBC Investor and Treasury Services universe. Northern Trust Canada […]
While employers of frontline workers have beefed up their policies to physically protect workers from the spread of the coronavirus, many aren’t providing additional supports or mental-health resources, according to a new survey by ADP Canada Co. The survey, which polled more than 750 working Canadians, found that across all industries, 45 per cent of employers are offering extra mental-health […]
Vancouver City Savings Credit Union has put its frontline staff on a rotation system and introduced a virtual health-care app to support them during the coronavirus pandemic. When the pandemic hit British Columbia, Vancity began to see a steep climb in unexplained absences, reaching as high as 140 a day. “Like many people across the […]
The Financial Services Regulatory Authority of Ontario has confirmed it will permit a suspension of employer contributions to defined contribution pension plans on a temporary basis. However, any change to either employer or employee contributions can only be on a go-forward basis and must be supported by an amendment to the plan text, said the […]
In the midst of the most significant socio-economic and health crisis since WWII — and maybe even longer — virtually every aspect of modern society has been affected in some way, and employee benefits programs are no exception. Before the coronavirus pandemic was in full swing in Canada, employers were focused on ensuring employees diagnosed with the […]
With the increase in job losses, illnesses, uncertainty and self-isolation, how is the coronavirus survey affecting Canadians’ emotional and psychological well-being? Half of Canadians reported a worsening of their mental health with 10 per cent saying it has worsened a lot, according to a new survey by the Angus Reid Institute. When asked to describe […]