Amid rising rates of food insecurity, employers have a role to play in easing immediate challenges and supporting long-term resilience among employees. “With rising food prices impacting everyone, we’ve developed or enhanced a range of programs that support both our employees and the communities where we work and live,” says Chris Pepper, vice-president of corporate […]
The federal government is investing $29.9 million in the Service Employees International Union Healthcare’s retirement savings program to strengthen retirement security for Canada’s homecare workers. The funding, announced earlier this month by SEIU Healthcare and Common Wealth alongside Minister of Jobs and Families Patty Hajdu, will provide more than 5,000 personal support workers and other […]
In its pre-budget submission to the federal government, the Canadian Life and Health Insurance Association highlighted variable payment life annuities, automatic features in pension plans, pharmacare and virtual health care as areas that require attention. While the CLHIA said it supports the concept of VPLAs as a decumulation solution for defined contribution plan members, it […]
A rebound in public equities markets in the second quarter of 2025 has positively impacted retirement outcomes for capital accumulation plan members, according to a new report by Eckler Ltd. The consultancy’s latest CAP income tracker found a typical male member retiring at the end of June 2025 achieved a gross income replacement ratio of 65.9 per […]
While workplace savings programs have traditionally focused on retirement, there has been a shift in recent years to facilitate employees’ changing financial priorities and savings journeys. Benefits Canada’s 2025 Employee Savings Survey (formerly known as the CAP Member Survey) found three-quarters (73 per cent) of Canadian employees ranked paying for day-to-day expenses among their top […]
The implementation of variable payment life annuities in Quebec will support employee financial well-being and retirement readiness, while providing a model for other Canadian jurisdictions, says Louis-Bernard Désilets, an associate at Normandin Beaudry. “Currently, there’s approximately $1.5 trillion in retirement savings accumulated in [registered retirement savings plans] and [defined contribution] plans in Canada, with likely […]
Canpotex Ltd. is supporting employee financial wellness with its new first home savings account. The FHSA, introduced in the federal government’s 2023 budget, allows Canadians to accumulate tax-free savings, within certain limits, towards the purchase of a first property. The Saskatchewan-based potash exporter recently added the savings option for its 157 Canadian employees following discussions […]
For employers that are designing a financial wellness program, it’s important to provide a user-friendly, educational, and flexible offering that reflects the diversity of employees’ life stages, says Diana McLachlan, chief people officer at Wealthsimple. “Financial security is at the core of people’s lives, and when companies recognize that and invest in it meaningfully, it […]
CAA Club Group’s win in Benefits Canada’s 2024 Workplace Benefits Awards is reinforcing the company’s efforts to provide a comprehensive wellness program to its employees, says Joanna Marra, the organization’s director of wellness. “It’s fantastic for us to get the recognition in the space because we know the work we’re doing is being recognized outside […]
For most of the decade since I joined Benefits Canada, it feels like the pension industry has been moving at a snail’s pace. Don’t get me wrong — I have witnessed many substantial (dare I say, exciting) developments in the industry, each one touted as a potential solution to Canadians’ retirement readiness concerns and increasingly […]