Workplace pension income will add $24.5 billion to federal coffers and $16.8 billion to the provinces in 2025, according to a new report by the Canadian Centre for Policy Alternatives. It found pension income for seniors across Canada is adding $16.9 billion in additional income tax revenue and $2.3 billion in commodity tax revenue, while […]
Defined benefit pension plans support more than one million beneficiaries in Ontario and these benefits provided more than $34.6 billion to the province’s gross domestic product in 2023, according to a new report by the Conference Board of Canada on behalf of the Healthcare of Ontario Pension Plan, the OPSEU Pension Trust and the University […]
Argentina’s Senate defied President Javier Milei to push through an increase to pension spending that would cost at least 0.4 per cent of the country’s gross domestic product, dealing a blow to his tough austerity program. The bill, which already swept through the lower house in June, passed the Senate in a 61-8 vote. All […]
The federal government’s move to introduce legislation extending pension eligibility to frontline public safety and law enforcement workers after 25 years of service could help manage room for new hires and ensure stable plan maturity, says James Fu, partner and national leader of pensions and benefits law at Borden Ladner Gervais LLP. Hundreds of frontline workers […]
Seven in 10 U.S. workers between the ages of 40 and 80 with at least $100,000 in investable assets say they’d be “very” or “somewhat” likely to select an in-plan annuity option if it were available within their employer-sponsored retirement savings plan, according to a new report by LIMRA. It also found younger plan participants […]
The federal government recently announced plans to introduce legislation in the fall that will expand pension eligibility to frontline public safety and law enforcement workers in Canada. The legislation is welcomed by the Public Service Alliance of Canada and the Customs and Immigration Union after they’ve advocated for more than a decade for equitable retirement […]
When Phillip Kotanidis took over as chief human resources officer at Toronto’s Michael Garron Hospital in 2018, the financial well-being of staff wasn’t exactly high on his agenda. In such a fast-paced and potentially stressful workplace, money matters naturally took a backseat to the physical and mental health of the hospital’s staff, who are members […]
The union representing more than 600 employees at GreenShield Canada in Toronto and Windsor, Ont. has ratified a three-year collective agreement that includes pension and benefits gains, ending a strike that began on March 1. The agreement includes a $1.50 increase to the defined benefit pension plan for each year, bringing employees from a $71 […]
An article on how the Ontario Municipal Employees Retirement System has contributed to the province’s gross domestic product was the most-read story on BenefitsCanada.com this past week. Here are the top five human resources, benefits, pension and investment stories of the week: 1. OMERS pension benefits accounted for 9.3% of Ontario retirement income in 2023: report […]
Retirement benefits paid out by the Ontario Municipal Employees Retirement System accounted for 9.3 per cent of retirement income in Ontario in 2023, according to a new report by the Canadian Centre for Economic Analysis. The report analyzed data related to the OMERS’ pension payments, operations and assets. It found members’ retirement income alone supported […]