Benefits Canada is proud to announce the finalists of the 2020 Workplace Benefits Awards. While this year’s entry and judging process occurred during the coronavirus pandemic, almost 100 leading employers embraced the opportunity to share their organization’s innovative initiatives and strategies. In fact, Benefits Canada even introduced a new category — Coronavirus and benefits — which received the most entries, so we divided […]
The average Canadian employee will have to accumulate 10.9 times their final pay to maintain the same spendable income once they retire, according to a new report by Aon. The report defines retirement income adequacy as having the same spendable income after retirement as before, taking into account changes in savings, taxes, medical expenses and […]
The federal government is seeking applications to appoint new full- and part-time members to its social security tribunal, the arm’s length entity responsible for decisions on appeals relating to Canada Pension Plan, employment insurance and old-age security. Members of the SST’s general division operate as first-level decision-makers and are tasked with providing fair hearing and […]
Janitors working at Loyalist College in Belleville, Ont. have a new ratified contract that includes a pension plan, sick days and a wage increase. The employees, represented by the Services Employees International Union Local 2 and working for the food services company Compass Group Canada Ltd., entered bargaining with major concerns around the lack of sick […]
The Mohawk College Foundation is the latest employer to join the Colleges of Applied Arts and Technology pension plan’s DBplus. Prior to the move, which took effect Aug. 1, 2020, foundation employees contributed to a group registered retirement savings plan. On an individual basis, they’re now eligible to transfer their group RRSP balances into DBplus. […]
Quebecers are more likely to start taking benefits from the Quebec Pension Plan at age 60 than other Canadians with their Canada Pension Plan benefits, according to a new study from the Institute for Research on Public Policy. While deferring benefits is financially advantageous for some, the study found it might be prudent for single people and […]
The Investment Industry Association of Canada is calling on the federal government to make improvements to tax-assisted retirement savings programs, modernize the country’s employment insurance system and introduce a benefit training program. In its written submission for the House of Commons standing committee on finance’s pre-budget consultations, the IIAC suggested the 2020 federal budget include […]
Whether it’s battling the challenges of plan maturity, increasing longevity, the changing nature of work or difficult financial markets, these so-called golden handcuffs are looking pretty dented in some cases. But the 10 years following the great financial crisis wasn’t all bad. Many public pension plans, as well as affiliated administrators and investment managers, have […]
For defined contribution plan members who were intending to retire in the first half of 2020, the market crash caused by the coronavirus may have upended those plans. Markets reached a trough in March, followed by some recovery, but with little clarity on what investments will do next, it’s a challenging time for plan members […]
Despite the coronavirus pandemic’s severe and disproportionate impact on the health of aging adults, older Canadians say they’re coping far better than younger demographics, according to a new study by Edward D. Jones & Co. in partnership with Age Wave, a U.S.-based think tank focused on issues relating to aging populations. The study, which included […]