The Medicus Pension Plan, a defined benefit multi-employer pension plan designed exclusively for incorporated physicians in Canada, reported a funded status of 158 per cent on a going-concern basis and a 115 per cent funded status on a solvency basis as of Jan. 1, 2024. The plan, which launched in May 2023, is designed to […]
The Royal Bank of Canada is asking employees to return to in-office working to foster more in-person collaboration and creativity, reports Bloomberg. The bank’s hybrid arrangements will involve working in person two to three days a week for most office jobs, according to an email from Rafael Ruffolo, a spokesperson for the bank, who noted these practices are already in […]
Scotiabank has promoted Ayman Alvi to vice-president of global pension and benefits. Alvi joined the bank in 2019 as director of global benefits. Previously, he was a senior manager and consulting actuary at KPMG in Canada, a manager at PricewaterhouseCoopers, an actuarial associate at Willis Towers Watson (now WTW) and a senior pension specialist at […]
Scotiabank’s win at Benefits Canada’s 2021 Workplace Benefits Awards led to increased employee engagement and peer recognition, says Rosemary Hatnay, director and head of total rewards solutions and global human resources services. The bank won in the Pension plan communications category for its streamlined approach to its defined benefit plan statements, making essential information more accessible to plan […]
An article on how Scotiabank is supporting employee financial well-being was the most-read story on BenefitsCanada.com over the last week. Here are the five most popular news stories of the week: 1. Scotiabank supporting employee financial well-being with pension info sessions 2. Expert panel: The future of work is flexible, prioritizes employee mental health 3. Canadian pension funds calling […]
A new multi-employer pension plan is being created for Canadian incorporated physicians. The Medicus Pension Plan, developed by MD Financial Management Inc. and Scotiabank, will provide physicians with predictable lifetime retirement income based on personal earnings and years of service with their medical corporation, while pooling investments, longevity and economic risks among all plan participants, […]
Scotiabank is increasing its focus on mental health through expanded benefits coverage and additional training for employees in leadership roles. Beginning April 1, 2022, all eligible employees and dependants will have $10,000 — up from a previous limit of $3,000 — in mental well-being services as part of their core coverage, including access to clinical counsellors, internet-based […]
Scotiabank’s focus on making essential pension information more accessible to plan members was recognized at Benefits Canada’s 2021 Workplace Benefits Awards on Oct. 14. The bank won in the Pension plan communications category for its streamlined approach to pension statements. In 2020, Scotiabank restructured its defined benefit pension plan statement into two versions — a simplified four-page […]
Recognition in not one, but two categories at Benefits Canada‘s 2020 Workplace Benefits Awards is helping get the word out to Scotiabank employees that the bank is a leading employer when it comes to benefits offerings, says Ayman Alvi, director of global benefits. Read: Who are the winners of the 2020 Workplace Benefits Awards? “We participated in the Workplace […]
Scotiabank’s director of global benefits talks navigating the coronavirus pandemic, enhancing the employee experience and planning for the post-pandemic workplace. Q: What top challenges do you face in your role? A: Primary challenges are ensuring we’re evolving our programs to meet the needs of a diverse and changing workforce and communicating these programs clearly. We […]