For some Canadians, the term pension may still conjure images of a secure stash of money guaranteed to ensure a comfortable lifestyle in retirement. I should know — until joining Benefits Canada in 2020, I counted myself among this group. Defined benefit pension plans — the epitome of the image described above — still exist, but […]
Last October, Ontario’s pay equity office reported Canadian women received an average of 18 per cent less retirement income than men in 2020, which is three per cent higher than the gap observed in 1976, the earliest year for which data is available. How has progress moved backwards in the past 44 years, even though women are […]
Amid the lingering coronavirus pandemic, vaccination policies and paid sick leave were top of mind among Benefits Canada’s readers in 2022. However, stories about new employee benefits and compensation planning, as well as pension and retirement matters, also caught readers’ eyes. Here are Benefits Canada’s 10 most popular stories of the year: 1. Feds consider definition of ‘fully […]
The Canadian Coalition for Good Governance is joining the Colleges of Applied Arts and Technology pension plan’s DBplus arrangement. “Our participation in a [defined benefit] plan speaks to our beliefs and values as an organization and demonstrates our commitment to our employees,” said Catherine McCall, executive director of the CCGG, in a press release. “We […]
Arthur J. Gallagher & Co. is acquiring BCHR Holdings — also known as Buck — for US$660 million. Through the agreement, Gallagher will expand its retirement, benefits and human resources consulting services in Canada, the U.S. and the U.K., according to a press release, which noted Buck currently has 2,300 employees across these markets. Read: […]
Just 35 per cent of Canadians aged 50 and older report they’re in a position to financially afford to retire, while a slightly larger percentage (37 per cent) say they aren’t and 25 per cent say it’s unclear, according to a new survey by the National Institute on Ageing and the Environics Institute for Survey Research. […]
An article on how Canada compares to other countries in terms of its vacation day offering was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Canada ranks 39 out of 43 countries for vacation day offering: report 2. Coke Canada expanding coverage for mental-health, family-building […]
Financial education and well-being initiatives are in the spotlight as employees face the stress of multiple financial headwinds — from inflation reaching a 40-year high to the strong likelihood of an impending recession — and search for advice and clarity. “There’s a very strong correlation between financial wellness and mental wellness,” said Dr. Jim Chung […]
Workplace pension plans alone aren’t providing adequate retirement income for U.S. government employees, according to a new report by the National Institute on Retirement Security and Aon. It found U.S. state and local employees in a typical public defined benefit pension plan need to save roughly four to six per cent of their salary on their […]
U.S. President Joe Biden is announcing the infusion of nearly US$36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the U.S. The money for the Central States Pension Fund is the largest amount of federal aid provided […]