The union representing employees at automobile manufacturing company Stellantis’ assembly plants in Windsor, Ont. and Brampton, Ont. has ratified a three-year collective agreement that includes pension and retiree benefits improvements. The agreement will add $1 per hour to the current company pension contribution. Employees earning the current maximum wage rate will see the pension contribution converted […]
Equitable Bank’s comprehensive financial literacy seminars led to a win in the Financial wellness category at Benefits Canada’s 2022 Workplace Benefits Awards on Oct. 18. During the coronavirus pandemic, the bank had to pivot quickly to continue providing quality financial wellness education to employees, says Jasmine Kong, the organization’s human resources generalist. Equitable Bank partnered with some of […]
Capital accumulation plan sponsors need to focus on providing lifetime retirement income for plan members amid the growth of decumulation solutions such as advanced life deferred annuities and variable payment lifetime annuities, according to a new report by the C.D. Howe Institute. It noted DC plan members currently have three main options to draw down […]
As Canadians face continued economic uncertainty, a recent university graduate and a long-time teacher share their views on balancing different financial priorities. Sul Mahmood, age 24, a product specialist at OpenPhone Technologies Inc. Canadians should be saving for a combination of retirement and other financial priorities. If there’s anything I know (and from all the […]
Canadian life and health insurers processed nearly $600 million in claims related to mental health in 2021, up 45 per cent since 2020 and 75 per cent since 2019, according to the Canadian Life and Health Insurance Association’s annual fact book. “2021 was a year of recovery and insurers have been proud partners helping employers […]
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 […]
In 2019, Nick Smith graduated with $50,000 worth of debt — $30,000 in student loans and $20,000 with a student line of credit. Low-paying jobs and a high cost of living made it hard for Smith to make a dent on his debt until he got hired as a mechanical technologist in Halifax at Dillon Consulting […]
The uniting theme at the 2022 Defined Contribution Plan Summit was financial wellness, a chief concern for any employer that offers a pension plan to its workforce. In particular, with inflation reaching its highest level in four decades and people facing several competing financial priorities, including simple day-to-day expenses, plan sponsors are bringing flexibility to […]
While the latest stage of the coronavirus pandemic is heralding a gradual return to relative calm, plan sponsors are stepping out of the frying pan and into the fire. The pandemic accelerated the ongoing evolution in the relationship between plan sponsors and plan members, with employees now looking to their employers to help them manage […]
In a panel discussion during Benefits Canada‘s 2022 DC Plan Summit, three defined contribution pension plan sponsors shared how their plans are evolving to ensure retirement savings are flexible, maximize employee engagement and cater to members’ divergent financial needs. During the coronavirus pandemic, Niagara Casinos laid off 96 per cent of employees and its casinos […]