The Canadian Institute of Actuaries is supporting several of the Alberta government’s proposed legislative and policy updates for private sector pension laws, including the move towards a going-concern plus regime for defined benefit plans and the introduction of automatic features in defined contribution plans. In its response to the consultation draft, the CIA cited the benefits […]
The union representing employees at automobile manufacturing company Stellantis’ assembly plants in Windsor, Ont. and Brampton, Ont. has ratified a three-year collective agreement that includes pension and retiree benefits improvements. The agreement will add $1 per hour to the current company pension contribution. Employees earning the current maximum wage rate will see the pension contribution converted […]
An article on Telus Communications Inc.’s win in Benefits Canada‘s 2022 Workplace Benefits Awards was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Telus wins award for supporting employees’ holistic well-being 2. Survey finds nearly all young employees globally experiencing burnout 3. Half of employees say employer hasn’t communicated […]
Western University is marking Financial Literacy Month with a series of webinars and consultations addressing employees’ financial questions. The webinars cover topics such as retirement, estate planning, investments and the connection between health and wealth. While the university has covered the health-wealth connection in previous years, the topic is of perennial interest to employees and is […]
The maximum pensionable earnings under the Canada Pension Plan for 2023 is increasing to $66,600 from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada, according to a press release from the Canada Revenue Agency. Contributors who earn more than $66,600 in 2023 […]
While Canadian employers recognize the value of retirement benefits, the current high inflation environment is driving them to favour wage hikes instead, according to a new survey by the Healthcare of Ontario Pension Plan and Angus Reid Group. The survey, which polled nearly 800 business owners and senior leaders, found employers’ leading concerns are greater […]
Around half (54 per cent) of U.S. employees say they’ve stopped or reduced retirement savings due to inflation, according to a new survey by Allianz Life Insurance Co. of North America. It found two-fifths (43 per cent) of workers said they’ve dipped into their retirement savings because of rising inflation. Eight in 10 (80 per […]
A pair of articles on Benefits Canada‘s 2022 Workplace Benefits Awards winners were among the most-read stories on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. TD Bank Group awarded for innovative benefits plan communications 2. KPMG offering Indigenous wellness benefit as part of Truth and Reconciliation plan 3. Sounding Board: […]
Equitable Bank’s comprehensive financial literacy seminars led to a win in the Financial wellness category at Benefits Canada’s 2022 Workplace Benefits Awards on Oct. 18. During the coronavirus pandemic, the bank had to pivot quickly to continue providing quality financial wellness education to employees, says Jasmine Kong, the organization’s human resources generalist. Equitable Bank partnered with some of […]
Capital accumulation plan sponsors need to focus on providing lifetime retirement income for plan members amid the growth of decumulation solutions such as advanced life deferred annuities and variable payment lifetime annuities, according to a new report by the C.D. Howe Institute. It noted DC plan members currently have three main options to draw down […]