Nearly a quarter (23 per cent) of working Canadians say the coronavirus pandemic has delayed their — or their spouse’s — timeline to retirement, according to a new survey by Ipsos on behalf the Canadian Institute of Actuaries. The survey, which polled more than 1,500 Canadians aged 18 and up, found the top reason for the […]
As Canadians head to the polls today, Benefits Canada takes a look at how the federal parties’ campaign promises could impact the human resources, benefits and pension industries. Read: Conservatives, NDP pension promises include super-priority for members The Conservative Party is proposing a plan that would put pension plan members first when the company sponsoring […]
The Conservative Party is promising to create tax-free savings accounts that provide gig workers with access to the Canada Pension Plan and employment insurance benefits. While out on the federal election campaign trail on Thursday, Conservative Leader Erin O’Toole said the coronavirus pandemic has demonstrated the need for these accounts because gig workers currently can’t pay […]
Remember those Freedom 55 ads that always seemed to be on TV in the ‘80s and ‘90s? I recently went down a YouTube rabbit hole and re-watched some of them and, well, let’s just say they’re as ridiculous as I remember. In one 30-second spot from the early ‘90s, a downcast businesswoman reads the paper […]
The average Canadian taking Canada/Quebec Pension Plan benefits at age 60 instead of waiting until 70 can expect to lose more than $100,000 of secure lifetime income, according to a new research paper by Ryerson University’s National Institute on Ageing and the FP Canada Research Foundation. The paper found a $1,000-monthly benefit in today’s dollars at […]
Faced with ballooning and unsustainable public pension liabilities, Taiwan’s government was forced to make a tough decision. In 2017, the country’s ruling Democratic Progressive Party passed a bill to dramatically cut retirement benefits for the country’s civil servants, public school teachers, police officers, firefighters and private sector workers. The changes were unpopular, but necessary. Underfunded […]
A new paper is evaluating how global retirement systems are faring in the wake of the coronavirus pandemic and what reforms will be required to facilitate the retirements of future generations. The paper, ‘Building better retirement systems in the wake of the global pandemic,’ by Olivia Mitchell, a professor and executive director of the pension research council […]
Defined contribution pension plan sponsors may face workforce planning challenges coming out of the coronavirus pandemic as older plan members whose account balances were hard hit by this year’s market volatility delay their retirements. “We saw a lot of presenteeism coming out of the [global financial crisis] — are we going to see that again?” asks […]
With Canada ranking only ninth out of 37 countries on the Melbourne Mercer Global Pension Index, more can be done to move it up the list, said Keith Ambachtsheer, director emeritus at the International Centre for Pension Management, speaking at the Canadian Investment Review’s Plan Sponsor Exchange conference in February. Canada has an aging demographic […]
While Canadians said they plan to retire, on average, at age 62, 59 per cent said they can’t estimate how much money they’ll need to enjoy a comfortable retirement, according to a new survey by BMO Financial Group. The survey of 1,500 Canadians also found only half of respondents are hopeful they’ll have enough money […]