The skyrocketing cost of living has created increased need for employees to receive additional financial well-being information to meet their retirement savings goals. It’s increasingly difficult for most Canadians to put aside any savings above their monthly expenses, thanks in large part to the squeeze from high inflation and the effects of increased interest rates […]
More than half (53 per cent) of Canadian retirees say they’re receiving, or will receive, less than $50,000 in annual retirement income from their employer-sponsored pension plan, according to a survey by the Ontario Securities Commission. It found just 19 per cent of retirees with employer-sponsored pension plans said they expect to receive between $50,000 […]
A survey on the retirement readiness of Canadian workers and a looming retirement crisis was the most-read pension story on BenefitsCanada.com this year. Here are the 10 most popular pension news stories of 2023: 1. Survey finds 44% of Canadian pre-retirees have less than $5,000 in savings 2. Ford, Unifor agreement includes significant DC pension improvements, transition to […]
An article on how employers can support employees with attention deficit hyperactivity disorder was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. How employers can help employees with ADHD be engaged, productive 2. FSRA’s proposed rule could increase fairness in division of pension benefits during marriage […]
With more than 40,000 employees across the country, Amazon Canada is a microcosm of the wider national workforce. Comprising five generations, the online retailer’s workers represent a wide spectrum of savings goals and related challenges. And to support these goals, it has developed a diverse array of options to meet staff at every stage of […]
A resurgence of defined benefit pension plans in Canada could be on the horizon, according to a report from the Colleges of Applied Arts and Technology pension plan. It found most Canadian workers are looking for retirement features that are most prominent in a DB plan, including monthly and predictable retirement income that’s guaranteed for […]
While the majority (87 per cent) of defined contribution pension plan sponsors feel their members are somewhat or very prepared for retirement, only 63 per cent of members feel the same way, according to a new survey by Voya Investment Management. The survey, which polled 305 U.S. DC plan sponsors, 205 plan specialists and 500 […]
Discouraged with the state of the current economy, more and more younger workers are abandoning saving for retirement and focusing on ‘soft saving.’ Soft saving is when employees, many of whom started their careers later than previous generations, decide to take a more laid-back approach to saving for the future, rather than adopt the FIRE concept — […]
Just 14 per cent of near-retirees say they can retire with confidence and only five per cent say they’ve sought financial advice from their employer, according to a new survey by Deloitte. A third (31 per cent) of near-retirees said they’ll need to rely on the Canada Pension Plan or Quebec Pension Plan to sustain their […]
Hydro Ottawa Ltd. is marking Financial Literacy Month by promoting tools and resources for employees grappling with the rising cost of living, says Donna Burnett Vachon, the company’s director of change and organization development. “We see [the impact of the rising cost of living] every day from people who have increasing rental costs to even just […]