With the coronavirus pandemic and rising inflation causing economic uncertainty, capital accumulation plan sponsors are looking for new ways to help their members feel secure and get the most out of their savings plans. Benefits Canada asked CAP sponsors and other industry experts what’s on their wish lists to make these plans more effective and engaging […]
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 […]
Fluor Canada Ltd.’s manager of Indigenous relations and DEI discusses the post-coronavirus pandemic workplace, employee resource groups and fishing. Q: What top challenges do you face in your role? A: Employee engagement can be challenging in the post-[coronavirus] pandemic hybrid working model. We’ve come out of a strictly work-from-home circumstance to a hybrid model and, […]
The OPSEU Pension Trust is supporting employees’ and plan members’ financial literacy with its defined benefit pension education program and extensive member communications. “We run a program called People for Pensions, an education program focused on articulating the value of defined benefit pensions and not just the benefit they provide to people who have them, […]
More than two-thirds (68 per cent) of U.S. employees say they’re more likely to stay longer at their current job if their employer offers financial wellness benefits, according to a new survey by software platform TalentLMS. The survey, which polled 1,000 employees, found 73 per cent said their employer offers financial wellness benefits. The top […]
Every day, it seems the news includes a story or two about the economy and whether or not a recession is coming. At the same time, with interest rates, inflation and day-to-day costs rising, employees may already be feeling anxious about their ability to meet their financial obligations. Some employees will be feeling concerned about […]
Western University is marking Financial Literacy Month with a series of webinars and consultations addressing employees’ financial questions. The webinars cover topics such as retirement, estate planning, investments and the connection between health and wealth. While the university has covered the health-wealth connection in previous years, the topic is of perennial interest to employees and is […]
Equitable Bank’s comprehensive financial literacy seminars led to a win in the Financial wellness category at Benefits Canada’s 2022 Workplace Benefits Awards on Oct. 18. During the coronavirus pandemic, the bank had to pivot quickly to continue providing quality financial wellness education to employees, says Jasmine Kong, the organization’s human resources generalist. Equitable Bank partnered with some of […]
Our industry sometimes gets a bad rap for being overly traditional and slow to change. But there’s no question we’ve seen some major shifts in employee benefits over the past 45 years. Three of those shifts will have implications for employers going forward. Greater onus on the individual to save for retirement Over the years, […]
Canada’s gender pension gap is growing as Canadian women received an average of 18 per cent less retirement income than men in 2020, according to a report by Ontario’s pay equity office. It found the gap is more pronounced among women in visible minority groups (37 per cent), among sources of private retirement income (28 per […]