Financial education and well-being initiatives are in the spotlight as employees face the stress of multiple financial headwinds — from inflation reaching a 40-year high to the strong likelihood of an impending recession — and search for advice and clarity. “There’s a very strong correlation between financial wellness and mental wellness,” said Dr. Jim Chung […]
Since employers play a key role in supporting pension growth, policy-makers should consider their involvement when implementing pension reforms, according to a new report by the Organisation for Economic Co-operation and Development. The report found OECD member countries can optimize employer involvement by reducing financial and administrative barriers that prevent employers from establishing pension plans, […]
Matching employer contributions in capital accumulation plans are as close to free money as employees can legally get. “You’re not changing your risk — because the money goes to the same fund it would otherwise — and you’re getting two-times the return,” says Eric Monteiro, senior vice-president of group retirement services at Sun Life Financial […]
Nearly three-quarters (73 per cent) of employees are experiencing high or moderate levels of stress, according to a new survey by Alight Solutions and Business Group on Health. The survey, which polled more than 10,000 employees across the globe, found more than a third (34 per cent) of workers reported symptoms of burnout and just […]
The financial well-being of working Canadians has fallen sharply and is at its lowest point since January 2021, according to LifeWorks Inc.’s latest financial well-being index. It found the number of Canadians reporting a worsening financial situation increased five per cent compared to the previous period and those reporting an increase in financial concerns climbed […]
After a tough couple of years, Canadians continue to face several challenges against an increasingly turbulent economic landscape. While most coronavirus restrictions were lifted in late spring 2022, the seventh wave of the pandemic arrived in July alongside rising inflation, which is compounding prices from the gas pump to the grocery store. Though the 2022 […]
While defined contribution pension plan sponsors are focusing on providing members with information, education and guidance to ensure they’re ready for retirement, advice is becoming more holistic and covering a financial wellness continuum, said Jennifer Katzsch, regional vice-president for Western Canada, group retirement savings at Desjardins Insurance, during a session at Benefits Canada‘s 2022 DC […]
With the 2015 merger of Kraft Foods and H.J. Heinz Co., Kraft Heinz Canada was left with a “mixed bag” of savings and retirement programs. It’s goal for a new streamlined program was a mandatory base plan and a voluntary component with 100 per cent employee participation. “It was important for us to come together […]
Providing tools to help defined contribution pension plan members make solid financial decisions rather than making the decisions for them was the impetus for Canadian Forest Products Inc.’s multi-year financial wellness program, according to Lisa Weber, the company’s pension and benefits advisor, during a session at Benefits Canada‘s 2022 DC Plan Summit. Since Canfor closed […]
A quarter of single seniors live below the poverty line in Canada and the problem is getting worse, with employer-sponsored pension plans not accessible to 40 per cent of low-income employees. It’s especially severe among personal support workers, 80 per cent of whom don’t have a workplace pension. The situation is beyond unconscionable, says Tyler […]