Retirement income adequacy is a growing concern as more companies shift from defined benefit to defined contribution pension plans, average lifespans increase and coverage in the private sector declines. As a result, financial literacy has become a key area of focus for employers in recent years. And for good reason. A recent survey by the Canadian Imperial Bank […]
Ernst & Young has introduced an online retirement modelling tool to help employees prepare for life after work. Since its launch at the end of January, 25 per cent of the firm’s employees have logged in to register and use the tool, with about 55 per cent of that group under the age of 40. “I was pleasantly surprised. It’s […]
With a mature system of defined contribution pension plans, Australia offers some lessons for how Canada’s industry may evolve. At Benefits Canada’s upcoming Benefits and Pension Summit, Kim Hughes, head of product and services at QSuper, one of Australia’s largest superannuation funds, will share the plan’s experience in assisting members with financial well-being and retirement readiness. A […]
Members of the Canadian Union of Public Employees Local 561 in Coquitlam, B.C., have voted to transfer active employees from the School District No. 43 non-teaching pension plan into the British Columbia Municipal Pension Plan. Terms of the deal include a four per cent wage increase to cover the difference in pension contributions between the two […]
Almost all Canadian middle-class families will see more money coming off their paycheques by the time changes to the Canada Pension Plan take full effect, according to a new report by the Fraser Institute. The report, released today, includes both the portion of CPP contributions paid by the employer and the employee in its calculations and accounts for the full […]
Decumulation is a clear and significant concern for the sponsors of capital accumulation plans, the results of Benefits Canada’s 2017 CAP Member Survey show. The annual survey found 61 per cent of plan sponsors would be likely to allow their members to leave their assets within their plans after they retire if regulations allowed. Of […]
The Workplace Safety and Insurance Board is taking a more holistic approach to workplace wellness by putting financial fitness on the same pedestal as physical well-being and mental health. “Traditionally, workplaces have focused on physical wellness and dedicated a lot of resources to it at the expense of overlooking the mental and financial aspects of […]
Poor financial well-being is a growing problem, impacting Canadian employees’ on-the-job performance, health and absenteeism rates, according to a new survey by Willis Towers Watson. Its survey found that 23 per cent of respondents identified themselves as struggling. Among that group, almost half said that worries about finances were preventing them from performing their best at work. More than […]
In its sixth year of offering employees educational workshops during Financial Literacy Month, Western University has changed its approach this time by delivering information on a range of topics rather than just the organization’s pension plans. In the past, the university has used the financial literacy focus to communicate the details of its two defined contribution plans, […]
The days of working for one employer and contributing to a single pension plan for an entire career are long over. In fact, 28 per cent of Canadians surveyed by Workopolis Inc. in 2014 had already had between five and 10 jobs, and Statistics Canada figures show defined benefit membership is continuing to fall while […]