Sears Canada Inc.’s pensioners reached a settlement last week after they were denied priority over the company’s other creditors. The settlement is subject to certain conditions before it becomes binding, according to a news release from Koskie Minsky LLP, the firm representing Sears’ retirees in the proceedings. The firm is dropping the deemed trust option it was […]
Whether considering age eligibility or policy wording, recent rulings for employees in a pair of Ontario cases are reminders to employers to review their long-term disability offerings. When I’m 65 Ontario employers may no longer have the option to reduce or eliminate health and life insurance benefits for employees aged 65 or older, following the […]
Rural and suburban postal workers across the country celebrated Thursday after an arbitrator ordered Canada Post to pay them more — much more — as part of a long-awaited pay equity decision. For a majority of the Crown agency’s mostly-female rural and suburban carriers, known as RSMCs, the ruling translates into a 25-per-cent pay hike, plus some increased […]
Nearly two-thirds (61 per cent) of older workers in the United States said they’ve experienced age discrimination in the workplace, according to a survey by the American Association of Retired Persons. The survey, which polled 3,900 Americans who are aged 45 or older, also found 91 per cent of respondents reported age discrimination is very or somewhat common. It starts when employees are […]
With former Sears Canada Inc.’ employees set to see a 30 per cent reduction in their pension benefits beginning Aug. 1, Benefits Canada looks back at the saga. June 2017 — Sears Canada announces it’s seeking protection under the Companies’ Creditors Arrangement Act as it faces a $308.6-million deficit related to its retirement benefit obligations. Read: Sears […]
Many Canadians are challenged to overcome barriers to retirement planning, such as the perception that the process is too lengthy, complicated and overwhelming. But if these barriers can be effectively removed, the financial security of Canadians would be improved. As part of its seniors strategy, the Ontario Securities Commission studied and analyzed barriers to retirement planning […]
As the average income replacement rate for capital accumulation plans continues to trend downwards, can employers mitigate this movement with the Canada Pension Plan’s incoming enhancements? According to a new report by Eckler Ltd., CAP replacement rates fell to a new low at March 31, 2018, settling at 58 per cent for men and 56 per cent for women. These […]
Since 2011, Norway’s national pension provider has been calculating the life expectancy of those turning 61 as part of pension reforms introduced at that time. It then factors the calculation into the pension benefits people in that cohort will receive. The National Insurance Scheme, which is the standard public pension Norwegians pay into during their […]
Some 61 per cent of Ontarians said they have or anticipate having low liquid retirement assets, according to new research by the Canadian Institute of Actuaries. Its research, prepared by Saisai Zhang, Mary Hardy and David Saunders of the University of Waterloo’s department of statistics and actuarial science, looked at the anticipated concerns of those between the ages […]
The Ontario Human Rights Tribunal’s recent ruling that it’s unconstitutional for plan sponsors to discontinue benefits for employees after the age of 65 represents a fundamental shift for employers, according to one labour and employment lawyer. “Previously, the Human Rights Tribunal would not enforce any discrimination issues if employers were to cut off benefits at […]