Higher investment fees in capital accumulation plans can potentially set an individual’s retirement date back by four years, according to Mercer’s latest retirement readiness barometer. The analysis found a person paying the median retail fee (1.9 per cent) would be retirement ready at age 70. On the other hand, someone paying the median fee available […]
Canadian Forest Products Ltd.’s new financial wellness program may have originated as the brainchild of its defined contribution pension plan committee, but it’s just as applicable to its defined benefit plan members — and the organization chose to roll it out for all employees. When you have broad financial wellness topics, it’s fine, but when […]
The vast majority (84 per cent) of Canadian employees consider an employer-sponsored retirement plan to be a critical benefit, according to a new survey by Manulife Investment Management Holdings (Canada) Inc. It found 60 per cent of employees would be unlikely to work for a company that doesn’t offer a retirement plan. In addition, employees […]
Despite the financial challenges experienced by Canadians over the course of the coronavirus pandemic, 40 per cent said they’ve continued to save for retirement, according to a new survey by life insurance provider PolicyMe Corp. More than half (54 per cent) of survey respondents said they’re adding to their emergency funds, while 48 per cent […]
Just over half (51 per cent) of U.S. employees — including 65 per cent of generation Z respondents — agreed employers have a responsibility to help workers improve and maintain financial wellness, according to a new survey by the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund. The survey, which polled more than […]
Women are 10 per cent more likely than men to say their financial health is the same or worse than last year, according to a new survey by Origin Financial. The survey, which polled 1,000 full-time employees in the U.S., also found 62 per cent of male respondents said they’re confident or very confident in […]
As the coronavirus pandemic sent the global economy into a tailspin, many Canadians grew increasingly concerned about whether they’d amassed enough savings to weather the financial storm. “We’ve heard the narrative that Canadians are saving like they’ve never saved before,” says Elizabeth Mulholland, chief executive officer of Prosper Canada. “The reality is, when you look […]
More than 19 months into the coronavirus pandemic, employers are focusing on enhanced mental-health offerings and streamlined communications for their benefits and pension plans. During a virtual roundtable on Oct. 14, the 2021 Workplace Benefits Awards finalists discussed the changes brought about by the pandemic and how they’ve adapted their benefits and pensions offerings, while looking […]
Canadian Forest Products Ltd.’s ongoing support for employees’ savings and retirement goals resulted in a win in the Financial wellness category at Benefits Canada’s 2021 Workplace Benefits Awards on Oct. 14. Launched in September 2020, Canfor’s three-year financial education program was initially offered to 1,100 salaried employees in Canfor’s defined benefit and defined contribution pension […]
The old adage “good things come to those who wait” is especially true of Canada and Quebec Pension Plan benefits. A $1,000 monthly CPP/QPP benefit in today’s dollars at age 60 increases to $1,112.50 if the individual delays until age 61 and to $2,218.75 if they wait until age 70, equivalent to more than $100,000 […]