In 2021, Foresters Financial redesigned its retirement and benefits plans to be more flexible, relevant and competitive, modernizing the plans with the recognition that employees have varying financial priorities. “Overall, we have a very diverse employee base,” says Ken Adams, the financial services company’s vice-president of total rewards. “Someone who is a few years out […]
The Association of Canadian Pension Management is calling on Prince Edward Island’s pension regulator to amend the Employment Standards Act to facilitate auto-enrolment and auto-escalation features in workplace pension and savings plans. The current legislation includes language that would prohibit pension plan administrators from introducing automatic features in workplace plans, including capital accumulation plans such […]
This month marks the two-year anniversary of the World Health Organization declaring the coronavirus a global pandemic. In some ways, we’ve come a long way since then, but in others, we’re hovering close to where it all started. One thing is for sure: the pandemic continues to create a through line in Benefits Canada’s content […]
Higher investment fees in capital accumulation plans can potentially set an individual’s retirement date back by four years, according to Mercer’s latest retirement readiness barometer. The analysis found a person paying the median retail fee (1.9 per cent) would be retirement ready at age 70. On the other hand, someone paying the median fee available […]
A retirement community operator is allowing employees to access their pay at any time as part of a wider financial wellness strategy. In May, Seasons Retirement Communities is incorporating a new app into its payroll system, which allows employees to receive up to 50 per cent of their daily pay instantly. Jessica Poling, senior director […]
This summer, KPMG in Canada is helping staff refresh and recharge by making every weekend a long weekend. As the country prepares to enter the third year of the coronavirus pandemic, the professional services firm is giving employees in Canada seven additional paid days off in July and August that will fall on weekends that […]
Canadian Forest Products Ltd.’s new financial wellness program may have originated as the brainchild of its defined contribution pension plan committee, but it’s just as applicable to its defined benefit plan members — and the organization chose to roll it out for all employees. When you have broad financial wellness topics, it’s fine, but when […]
Almost half (44 per cent) of Canadians agreed the coronavirus pandemic has negatively impacted their ability to save for retirement and, as a result, 31 per cent have changed their financial priorities, according to a new survey by Edward D. Jones & Co. The survey, which polled more than 1,500 adult Canadians, also found 33 […]
Alberta’s nurses have a new collective bargaining agreement, which includes more mental-health support as the coronavirus pandemic drags on. In addition to more psychological and mental-health supports, the deal includes the creation of a union-employer workload advisory committee, $5 million a year toward recruitment and retention strategies in rural and remote areas and $2.5 million a […]
Uber Technologies Inc. has signed an agreement with a private sector union that will provide representation to Canadian drivers and couriers, but doesn’t unionize workers. Through this agreement, Uber will prioritize new benefits and protections for drivers and delivery people, as well as enhancing their flexibility to work if, when and where they want, according […]