While Canadian retirees have a good understanding of longevity risk, in recent years, many are withdrawing less income from their workplace retirement savings plans, says Dave Jones, senior vice-president of group retirement services at Sun Life Financial Inc. “If you go back to just a couple years to 2022, people really shift from drawing more […]
While there’s more work to be done, election campaign promises made by Canada’s major federal political parties that address retirement challenges are a step in the right direction, says John McLaren, a group benefits and retirement consultant with Jones DesLauriers. Earlier this month, Conservative Party of Canada leader Pierre Pollievre pledged to allow working seniors […]
U.S. workers believe they’ll need an average of US$1.26 million in savings to retire comfortably, $200,000 less than the $1.46 million reported last year and nearly flat with 2022 and 2023 estimates, according to a new survey by Northwestern Mutual. The survey, which polled more than 4,600 workers, found among employees who have retirement savings, […]
The keynote session at Benefits Canada’s 2024 Defined Contribution Investment Forum warned that the failure to plan for the ‘boomer bulge’ is affecting private and public pension policy. The presentation from Paul Kershaw, a policy professor at the University of British Columbia and founder of not-for-profit organization Generation Squeeze, got me thinking: if the influx […]
When Hydro Ottawa was preparing for its first wave of retiring baby boomers in 2011, it began working on a strategy to mitigate the subsequent impact on the workforce and organizational memory. “Part of the strategy was to think about how we could manage both the number of retirements, but also the amount of knowledge […]
PepsiCo Canada’s 2024 Workplace Benefits Awards win demonstrates how weaving diversity, equity and inclusion into strategic business practices can foster employee mental health and wellness. The food and beverage company’s inclusive end-to-end business transformation strategy made it this year’s winner in the DEI Program category. “It’s so fantastic that all of our hard work has been […]
A third (34 per cent) of U.S. employees aged 50 and older are phasing into retirement, according to a new survey by WTW. The survey, which polled 10,000 U.S. employees working at medium- and large-sized private sector companies, found among workers who are currently phasing into retirement, six in 10 (61 per cent) have reduced […]
Just five per cent of U.S. employers say they’re offering a four-day workweek as a flexible working arrangement for employees, according to a new survey by the International Foundation of Employee Benefits Plans. The survey, which polled more than 300 employers, found one per cent said they’ve already formally implemented a four-day workweek or are piloting […]
An article on the federal government’s plan to scrap Canada mortgage bonds and the potential impact on pension funds was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Feds’ plan to discontinue Canada mortgage bonds may limit pension funds’ abilities to mitigate risk: PIAC […]
Three-quarters (76 per cent) of U.K. employers think it’s important to retain employees over age 50, with almost a third (32 per cent) saying it’s very important, according to a new survey by Aviva. It also found 10 per cent of employers have introduced support over the last year for retaining employees aged 50 or […]