Paid leave from work is the first financial line of defence during a crisis preventing employees from coming to work. For one, it guards against the complexities of having to navigate employment insurance, according to a new report by the Canadian Centre for Policy Alternatives. But as the effects of the coronavirus ripple across the […]
Ontario and Alberta are making changes to provincial employment legislation to protect workers who are affected by the coronavirus. In Ontario, Premier Doug Ford and Minister of Labour Monte McNaughton proposed amendments to the Employment Standards Act that would provide job-protected leave to employees who are in isolation or quarantine, as well as to those […]
Across the country, public pension plans are releasing statements to assure members that their defined benefit pensions are secure and that they’re taking measures to protect the health and safety of their own staff. The Colleges of Applied Arts and Technology pension plan said it regularly tests operations and will continue to make pension payments. […]
Canadian politicians, public health officials and chief executive officers have all urged Canadians to practice social distancing in a bid to “flatten the curve” of the coronavirus pandemic. Many global technology companies, including Amazon.com Inc., Facebook Inc., Google and Twitter, ramped up work-from-home programs last week. And Ottawa-headquartered Shopify Inc. has emerged as a leader […]
The chief executive officers of several major Canadian pension funds have joined forces with several other CEOs to ask Canadian business leaders to make the slowdown of the spread of the coronavirus their main priority. “International experience demonstrates that social distancing is the only effective method and is in the best interests of our employees, […]
Air Canada’s domestic registered defined pension plans are expected to maintain a “significant pension solvency surplus,” according to a press release. On Monday, the Montreal-headquartered airline withdrew its previously announced first quarter and full year 2020 guidance, as well as its full year 2021 guidance. The ongoing coronavirus crisis means Air Canada “is facing a […]
In a historic move, the U.S. Federal Reserve lowered its target range for the federal funds rate to between zero and 0.25 per cent on Sunday. The Fed is taking the emergency action in a bid to help alleviate the extreme economic disruption caused by the spread of the coronavirus. It said it intends to […]
As employers prepare to prevent against the spread of the coronavirus, issues of workplace and public safety will likely take precedent over privacy concerns. Employers have duties under provincial occupational health and safety laws to take all reasonable precautions to protect workers, communicate information about potential hazards and train employees on how to deal with […]
The Federal Reserve took massive emergency action Sunday to try to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds. The Fed’s surprise announcement signalled its rising concern that the viral outbreak will depress economic growth in […]
The Bank of Canada is cutting its overnight rate target by half a percentage point to 0.75 per cent in response to COVID-19. The central bank said Friday the unscheduled rate decision was due to the pandemic and its impact on the economy, adding that lower oil prices, even since its last scheduled rate decision […]