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 […]
The modern economy is highly uncertain, with inflation and rising interest rates cutting into bottom lines everywhere. Employers are nervous as the cost of capital and the cost of their inputs seems to rise every day. But employees are nervous, too. And since no one knows when inflation will end, it’s difficult for anyone to […]
While U.S. employees say it takes $1.1 million in savings, on average, to retire comfortably, 56 per cent expect to have less than $500,000 saved, according to a new survey by Schroders. It found 36 per cent of respondents expect to save less than $250,000 and only 24 per cent expect to save $1 million […]
Three-quarters (73 per cent) of U.S. employees said their employer needs to offer more resources to help them manage their personal finances, according to a new survey by personal finance platform Ramsey Solutions. The survey, which polled more than 3,000 full-time workers, found only 23 per cent had access to employer-provided financial wellness benefits. Among […]
While 70 per cent of benefits-eligible U.S. workers said they’re more likely to work for an employer that offers employee-paid voluntary benefits, just 49 per cent said they’ve taken advantage of these offerings, according to a new survey by Voya Financial Inc. The survey, which polled around 1,000 respondents, found 31 per cent don’t fully […]
As inflation hits a record high in Canada, employers are helping workers weather the storm through various benefits and compensation offerings, according to several experts. In October, the Canadian inflation rate increased year over year by a record 4.7 per cent, the largest increase since February 2003, according to Statistics Canada. The Bank of Canada […]
More than 19 months into the coronavirus pandemic, employers are focusing on enhanced mental-health offerings and streamlined communications for their benefits and pension plans. During a virtual roundtable on Oct. 14, the 2021 Workplace Benefits Awards finalists discussed the changes brought about by the pandemic and how they’ve adapted their benefits and pensions offerings, while looking […]
A majority (63 per cent) of U.S. employees said their employer doesn’t offer a financial wellness program, according to a new survey by the Defined Contribution Institutional Investment Association. It found only 18 per cent of respondents have access to financial wellness resources through their employer and, of these respondents, just eight per cent have […]