financial security – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Thu, 21 Nov 2024 16:43:00 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Ontario DB pension plans’ average solvency ratio increases to 123% in Q2 2024: FSRA https://www.benefitscanada.com/pensions/defined-benefit-pensions/ontario-db-pension-plans-average-solvency-ratio-increases-to-123-in-q2-2024-fsra/ Tue, 17 Sep 2024 13:00:10 +0000 https://www.benefitscanada.com/?p=160174 The median projected solvency ratio for Ontario defined benefit pension plans was 123 per cent as at June 30, 2024, up slightly from 122 per cent as at March 31, according to a new report by the Financial Services Regulatory Authority of Ontario. It found this increase was attributable to a rise in solvency discount […]

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]]> Survey finds 34% of U.S. employees aged 50 and older phasing into retirement https://www.benefitscanada.com/pensions/retirement/survey-finds-34-of-u-s-employees-aged-50-and-older-phasing-into-retirement/ Thu, 29 Aug 2024 19:00:10 +0000 https://www.benefitscanada.com/?p=159613 A third (34 per cent) of U.S. employees aged 50 and older are phasing into retirement, according to a new survey by WTW. The survey, which polled 10,000 U.S. employees working at medium- and large-sized private sector companies, found among workers who are currently phasing into retirement, six in 10 (61 per cent) have reduced […]

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]]> Meridian focusing on flexibility, mentorship to promote gender equity, female leadership https://www.benefitscanada.com/news/bencan/meridian-focusing-on-flexibility-mentorship-to-promote-gender-equity-female-leadership/ Fri, 19 Apr 2024 13:00:15 +0000 https://www.benefitscanada.com/?p=154449 Meridian Credit Union is focusing on flexibility and mentorship to promote gender equity and female leadership in the historically male-dominated financial industry. According to the Canadian Credit Union Association, in 2023, only eight per cent of Fortune 500 chief executive officers were women. However, at Canada’s credit unions, 30 per cent of CEOs/general managers were […]

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]]> Canadians with rent, mortgage payments delaying retirement savings amid rising cost of living: survey https://www.benefitscanada.com/pensions/retirement/canadians-with-rent-mortgage-payments-delaying-retirement-savings-amid-rising-cost-of-living-survey/ Fri, 15 Mar 2024 13:00:05 +0000 https://www.benefitscanada.com/?p=153106 Canadian employees who rent or who have mortgage payments are managing economic pressures — like high interest rates and the rising cost of living — by putting off saving for retirement, according to a new survey by Co‑operators Financial Services Ltd. The survey, which polled 1,500 Canadian employees, found 77 per cent of renters said they […]

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]]> Meridian continuing to support employee financial well-being with living wage https://www.benefitscanada.com/benefits/health-wellness/meridian-continuing-to-support-employee-financial-well-being-with-living-wage/ Tue, 05 Dec 2023 14:00:53 +0000 https://www.benefitscanada.com/?p=148223 Meridian Credit Union Ltd. is continuing to support employee financial wellness by raising its guaranteed hourly wage to $23.74. In 2022, the financial company became the largest employer to be certified by the Ontario Living Wage Network and is adjusting its compensation to reflect new guidelines that were updated last month. Current economic conditions and […]

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]]> Head to head: Is there an ideal income replacement ratio at retirement? https://www.benefitscanada.com/archives_/benefits-canada-archive/head-to-head-is-there-an-ideal-income-replacement-ratio-at-retirement/ Fri, 17 Nov 2023 13:59:39 +0000 https://www.benefitscanada.com/?p=146668 While one expert says replacement rates vary with income and age, another argues the longstanding 70 per cent benchmark doesn’t actually work. Bonnie-Jeanne MacDonald, director of financial security research for the National Institute on Ageing at Toronto Metropolitan University Retirement financial security has become critically important with population ageing — now, more than ever, is […]

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]]> Survey finds 74% of workers say it’s important for employers to offer retirement savings options https://www.benefitscanada.com/benefits/health-wellness/survey-finds-74-of-workers-say-its-important-for-employers-to-offer-retirement-savings-options/ Mon, 30 Oct 2023 19:00:35 +0000 https://www.benefitscanada.com/?p=146106 Roughly three-quarters (74 per cent) of Canadian employees say it’s important for their employer to offer a retirement savings option, according to the latest mental-health index by Telus Health. The survey, which polled 3,000 respondents, found 70 per cent reported not knowing or being unsure of how much savings they’ll need to maintain their desired […]

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]]> Employers play crucial role in supporting employees’ savings amid rising cost of living: expert https://www.benefitscanada.com/news/bencan/employers-play-crucial-role-in-supporting-employees-savings-amid-rising-cost-of-living-expert/ Wed, 04 Oct 2023 13:00:07 +0000 https://www.benefitscanada.com/?p=144495 As Canadians struggle to save amid the rising cost of living, employers play a crucial role in facilitating savings options for their employees, says Doug Crowe, vice-president of RBC Group Advantage, the Royal Bank of Canada’s group retirement division. “The first important step employers can make is deciding to sponsor a group savings plan for employees, which […]

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]]> Men more likely than women to report reduced stress due to financial wellness programs: survey https://www.benefitscanada.com/news/bencan/men-more-likely-to-report-reduced-stress-due-to-financial-wellness-programs-survey/ Mon, 25 Sep 2023 13:00:48 +0000 https://www.benefitscanada.com/?p=143948 More than a quarter (28 per cent) of male employees in the U.S. report a reduction in their stress levels due to their employer’s financial wellness programs, compared to 18 per cent of women, according to a new survey by HerMoney Media Inc. and Principal Financial Services, Inc. The survey, which polled 900 U.S. employees […]

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]]> More than half of U.S. women don’t feel financially secure: survey https://www.benefitscanada.com/pensions/retirement/more-than-half-of-u-s-women-dont-feel-financially-secure-survey/ Mon, 29 May 2023 13:00:35 +0000 https://www.benefitscanada.com/?p=138918 More than half of U.S. women say they aren’t financially secure, a percentage that increases to 77 per cent among low-income women, according to a survey by Public Opinion Strategies and Lake Research Partners on behalf of the National Council on Aging and the Women’s Institute for a Secure Retirement. The survey, which polled more […]

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