Nearly a third (32 per cent) of Canadians don’t believe government benefits will still be available when they retire, according to new research by Natixis Global Asset Management. Its survey of 300 Canadians found 78 per cent expect to fund their own retirement income and that a majority are taking personal responsibility for their own […]
One-fifth (21 per cent) of working age Canadians believe public pensions will no longer exist when they reach retirement, according to a new report by HSBC. Its annual look at the future of retirement, which surveyed more than 18,000 people in 16 countries, found that in Canada, that view is more common among millennials (28 […]
By 2050, the six countries with the world’s largest pension systems will have a combined funding gap of $224 trillion largely due to demographic trends, according to a new study by the World Economic Forum. The report found Australia, Canada, Japan, the Netherlands, Britain and the United States will face significant challenges in providing for their […]
Consultant says fix Canada’s pension system by harmonizing retirement ages.
I’ve often said that Canada’s three-pillar retirement income system serves today’s seniors rather well, especially those who used to have lower working income. The system is far from perfect, however, and one of its more glaring flaws involves the ages at which people can retire. I have yet to hear a cogent justification for why […]
Girls are “made of sugar and spice and everything nice — and gunpowder and Cubans and bourbon, no ice.” So sang Columbia Business School students in a 2014 parody music video about gender representation in their industry. But while many women now do the same jobs as men, their employment patterns remain distinct and, as […]
From 2011-16, as the first baby boomers turned 65, Canada saw its senior population increase by 20 per cent, newly released census data from Statistics Canada shows. The growth was much faster than that of the overall population, which increased by five per cent. “Many aspects of Canadian society are being shaped by the fact that the first […]
The British Columbia Court of Appeal has overturned a ruling that gave a copper mine employee an 18-month severance package upon retirement. At trial last year, the B.C. Supreme Court had awarded Albert Aubrey, an employee at mining company Teck Highland Valley Copper Partnership in Logan Lake, B.C., $176,250 in damages for a breach of an employment contract. […]
Canada should consider raising the age of eligibility for public pension benefits in order to persuade more seniors to keep working, argues a new report by the C.D. Howe Institute. It notes with increased life expectancy and the working-age population remaining relatively stable, the growing demand for financial support in retirement could strain social security […]
Unlike the promise by defined benefit plans of a stream of income during retirement, their defined contribution counterparts focus more on the accumulation of assets. And that’s a problem, according to Robert Merton, a professor of finance at the Massachusetts Institute of Technology’s Sloan School of Management. Merton, who spoke at Benefits Canada’s Defined Contribution […]