More than a third (36 per cent) of Canadian organizations froze salaries in 2020, compared to a pre-coronavirus forecast of just two per cent, according to Morneau Shepell Ltd.’s annual salary projection survey. The trend is likely to hold true for the coming year, with almost half (46 per cent) of employers saying they’re uncertain […]
The coronavirus pandemic is highlighting many trends in group retirement and investment programs, pushing the industry to be flexible and quick with some of the newer offerings. As plan sponsors review their group retirement plans in the coming months, they may want to consider some, or all, of these four trends. 1. Financial wellness becoming a must. […]
While 62 per cent of working Canadians said they’re able to save more than five per cent of their paycheque in 2020, compared to 59 per cent in 2019, more are financially stressed than in previous years, according to a new survey by the Canadian Payroll Association. The survey, along with an analysis of its […]
Retirement income can be sliced into three broad categories: what an individual receives from their employer, what they receive from the government and everything else. While plan sponsors are naturally most concerned with what they provide for plan members, including all forms of income in the conversation is integral to properly planning for retirement, says […]
Canadians’ mental health continues to be affected by the impact of the coronavirus, including concerns about a second wave, ongoing economic uncertainties and the added concerns of students returning to school, according to Morneau Shepell Ltd.’s latest mental-health index. For the fifth consecutive month, it showed a negative mental-health score, at negative 11, a slight […]
While nearly half (45 per cent) of Canadians said they’re feeling less financially secure since the coronavirus pandemic began, that number is slightly higher (49 per cent) among younger Canadians, according to a new survey by Sun Life Canada. The survey, which polled 1,000 Canadians, also found more than half (55 per cent) of younger […]
Retirement and savings programs should motivate plan members to think about how they want to spend their time in retirement as well as their money. “If we focus in just on the financial part of the equation and then [plan members] get to that point where [they’re] retiring, not only might they not have enough money to do the […]
In considering changes to its retirement savings programs, Rogers Communications Inc. is generally focused on three main internal and external factors: regulatory changes, employee feedback and demographics. “As we see the millennial and gen Z workforce grow quite a bit, we’re really trying to understand what that’s going to do to our plans in terms […]
An employer’s matching contribution is the most influential factor motivating plan members to begin saving for retirement, according to a new report by Cerulli Associates. The report, which polled U.S. employees saving into a 401(k), found 46 per cent of respondents said they starting saving for retirement because their organization offered a matching contribution, while […]
Canada Life Assurance Co. is introducing a self-directed registered education savings plan to help employers support their employees’ varying financial priorities. Employers can add the RESP to their employee benefits plan at no addition cost, while plan members can choose either the family or individual plan, where they can contribute as much or as little […]