The funded position of a typical Canadian defined benefit pension plan fell slightly on a solvency basis and rose on an accounting basis in February, according to a new report by Telus Health. During the month, the solvency of the average DB pension plan dipped by 0.7 per cent, falling to 101.3 per cent. The […]
Canadian base salaries are set to increase by four per cent in 2023, a percentage that’s comparable to 2022, according to a new survey by LifeWorks Inc. The survey, which polled more than 500 Canadian employers, found while roughly six per cent of organizations froze their base salaries in 2022, fewer than two per cent plan […]
Telus Corp. has completed its previously announced acquisition of LifeWorks Inc. With the completion of the $2.9 billion transaction, LifeWorks has become a wholly owned subsidiary of Telus and will be integrated into Telus Health, according to a press release. Read: Telus acquiring LifeWorks for $2.9 billion “We are excited to be joining the Telus Health […]
LifeWorks Inc. is acquiring Benestar, an employee assistance program from Australia-based Cover-More Group. In addition to the acquisition, LifeWorks will provide certain EAP services for global clients of Zurich Insurance Group, Cover-More’s parent company, on a non-exclusive basis, according to a press release. Read: Telus acquiring LifeWorks for $2.9 billion “Benestar and LifeWorks are a […]
A quarter (26 per cent) of Canadians say work factors are their primary sources of stress, according to LifeWorks Inc.’s latest mental-health index. Among this group, the leading sources of stress were volume of work (25 per cent), performance demands (14 per cent) and lack of support (12 per cent). Three-quarters (74 per cent) of all […]
LifeLabs Inc.’s 2021 Workplace Benefits Awards win is helping the company communicate the value of its mental-health support offerings to employees. The organization’s holistic wellness strategy took home the mental-health program award for companies with more than 5,000 employees. When the coronavirus pandemic hit in March 2020, LifeLabs strengthened its mental-health strategy to address employees’ […]
Stelco Inc. is de-risking one of its defined benefit pension plans with a $1.3 billion annuity buy-in. The deal, which covers more than 7,000 United Steelworkers members and beneficiaries employed at the company’s Hamilton, Ont.-based plant, was completed in May with Brookfield Annuity Co. and Sun Life Financial Inc. Read: Stelco workers, retirees learn fate […]
An article on the possible surge of disability claims linked to long-haul coronavirus and remote work injuries was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Employers can expect surge of claims linked to long-haul coronavirus, remote work injuries: lawyers 2. 74% of employers say […]
Telus Corp. is acquiring LifeWorks Inc. for a total transaction value of $2.9 billion. The agreement will see Telus purchase the digital health and wellness provider for the total consideration of about $2.3 billion in cash and the assumption of about $600 million in LifeWorks’ debt, said Doug French, Telus’ chief finance officer and executive […]
Close to half (45 per cent) of Canadians say the ongoing coronavirus pandemic has negatively impacted their mental health, according to LifeWorks Inc.’s latest mental-health index. Although Canadians’ overall mental-health score increased to negative 10 in April from negative 10.5 in March, respondents reported lower scores in terms of work productivity (negative 11.5 from negative […]