Competitive total rewards programs are a critical component of Canadian organizations’ human resources and corporate strategy, according to a new survey by WorldatWork. The survey, which polled 150 Canadian employers in February, found 96 per cent offer drug, dental, life insurance/accidental death and dismemberment, long-term disability and employee assistance programs. Additionally, 93 per cent of […]
Two group benefits firms in the Greater Toronto Area have joined forces to strengthen growth and innovation in the benefits and insurance industry. The new joint venture between Etobicoke, Ont.-based Steven Cohen Insurance Agency Inc. and North York, Ont.-based RRJ Insurance Group Ltd. took effect on Jan. 1. Plan sponsor clients will have access to […]
Canadian insurers paid out $98 billion in benefits in 2018, an increase of seven per cent over 2017, according to the Canadian Life and Health Insurance Association’s annual fact book. Similar to previous years, this was led by retirement benefits from annuities ($49 billion), health benefits for prescription drugs and extended health providers like dentists […]
The majority of small U.S. employers currently offer at least one health benefit to their employees, according to a new report by business research organization LIMRA. This is a rise of 11 percentage points compared to the last survey results in 2012. Much of these increases can be attributed to a stronger economy and record-low unemployment, noted […]
Great-West Lifeco Inc. is merging three of its insurance brands, combining Great-West Life Assurance Co. and its two subsidiaries, London Life and Canada Life. The new company, which will go by Canada Life, will consolidate an aggregate 13 million Canadian customers. “Today marks the beginning of a new and exciting chapter for our companies in […]
Great-West Lifeco Inc. has signed a deal to sell its U.S. annuity and individual life insurance businesses to a subsidiary of Protective Life Corp. for $1.6 billion. Paul Mahon, president and chief executive officer at Great-West Life, says the deal will let the company focus on retirement and asset management markets in the U.S. Protective Life […]
A Cape Breton call centre that abruptly shut down last month, tossing hundreds of people out of work, has hired back more than 90 per cent of its workforce, offering enhanced benefits and increasing entry-level wages. The Sydney Call Centre Inc.’s owner Anthony Marlowe said about 480 workers have returned to the operation after being […]
The pension and retirement savings was once again the growth leader in the life and health insurance industry in 2017, according to the Canadian Life and Health Insurance Association’s annual fact book. Of the $651 billion held in employer-sponsored pension plans last year, the industry was responsible for managing $152 billion, which is up from […]
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 […]
Unifor members who work at the Toronto Marriott Bloor Yorkville have voted overwhelmingly to ratify a new collective agreement, which includes expanded benefits for dependants of part-time employees. The benefits will now include dental coverage, eye exams, prescription drugs and life insurance. The new agreement also includes an increase in pension contributions by 27 per cent over […]