Posts Tagged ‘pensions’

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What if the long-expected boomer retirement boom never happens? The trend is in that direction

Wednesday, July 10th, 2019

… with lifespans now much longer than was the norm a few decades ago, both working and earning incomes for an eventual retirement are no doubt looked at differently than used to be the case. As well, workers with higher levels of education are more apt to be in the labour market as they age, as compared with those with lower levels of education… older workers may find themselves working, but on contracts or in part-time jobs, which may not be their first choice.

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Needed: A New Pension Paradigm For Canadians

Thursday, May 23rd, 2019

… the pension industry must go beyond the tired defined-benefit versus defined-contribution pension debate and focus on the model pension of the future… the authors explain a new pension paradigm that lies between the Classic DB and Classic DC… The common ground would include: Pooling: across multiple employers to reduce risk… Target Benefits: to share risks between sponsors and members… Scale: The optimum asset size would be $1 billion and up… Independent Management Boards

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No, professors shouldn’t collect a six-figure pension – on top of a six-figure salary

Friday, May 17th, 2019

Nearly one in 10 Ontario university professors is over the age of 65. As of 2016, these professors were earning, on average, $184,947 a year. Moreover, because federal legislation requires all taxpayers to start drawing down their retirement savings at the age of 71, septuagenarian professors can collect a six-figure pension on top of a six-figure salary… No one is stopping senior scholars from writing academic papers, or teaching ECON 101. The debate is over how much they should be paid for doing so.

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New proposal from Doug Ford government would force senior professors to work for no salary

Wednesday, May 15th, 2019

Under regulations proposed in the budget bill, the Minister of Training, Colleges and Universities would be given unprecedented power to unilaterally cut the salary of anyone employed at a postsecondary institution who is also drawing a pension. But in order to do so, the ministry would likely have to override collective agreements and essentially force professors who are still working past 71 to do so for no pay, except for the pension to which they’re already entitled. .

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How raising the age for CPP and OAS to 67 would benefit the whole country

Monday, April 15th, 2019

It’s past time we updated a retirement-income system conceived in the days when people lived just 10 to 15 year after retirement… “This isn’t a recommendation to assist the government in improving sustainability or save the government money.” … Retirees will need more savings than previous generations because they will live longer, because company pensions have become more scarce and because saving is made more difficult by low interest rates.

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Ottawa takes first steps towards improving Canadian retirements

Saturday, March 23rd, 2019

Many employers have now shifted to defined-contribution plans, where workers tuck away a certain amount of savings every month. These plans can help an employee accumulate a substantial stash over the course of his or her career. The problem is that once the employee retires, it is entirely up to him or her to figure out how to transform those accumulated savings into a steady stream of income that can last a lifetime.

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Using boomers short-term could help gap in Nova Scotia labour shortage

Monday, January 28th, 2019

Retired or semi-retired boomers who want to continue to work — albeit in a more flexible, short-term way… can be dropped into situations to handle specific projects or to mentor or train transitioning staff. They also represent a fixed-cost hiring, with no lag time, and no legacy or professional development costs… So while automation, youth attraction/retention and immigration are essential considerations to sustain and grow the economy, so is figuring out how to best accommodate the fastest growing segment of the labour market: boomers choosing to return to the labour force.

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Young Barrie widow elated to see end of age discrimination

Monday, January 14th, 2019

… the legislation said if a person is under 35 and has no children, they do not qualify for a spouse’s CPP. The belief was a young widow without children could adapt financially to a loss… And now, she’s received a letter from the government asking her to reapply for CPP. “It said effective Jan. 1 you are no longer required to have dependent children”… The government estimates it will affect 40,000 people.

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Non-profit workers offered chance to join Ontario public sector pension plan

Monday, September 24th, 2018

As many as one million Ontarians who work for registered charities and non-profit organizations will be eligible to join the provincial government pension plan under an agreement being announced Monday… Everything from non-profit arts and culture organizations, daycares, sports and recreation facilities to health and social service providers will be invited to participate. “Hardly anyone in the sector has benefits or pensions, and our research has found this has become a significant recruitment and retention issue,”

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Social policy-making still stealthy after all these years

Tuesday, July 31st, 2018

Governments seem to love the stealth approach because history proves they can get away with it − for a while at least… Social policy by stealth has two main dimensions: indexation and complexity. Understanding these dimensions allows us to better understand and design social policy… Today, indexation stacks up pretty well. Most of Canada’s income programs and taxes are fully indexed… However, other programs are still complex. Employment Insurance… the Canada Pension Plan… Welfare remains a labyrinth that seems impervious to reform. The majority of welfare systems remain un-indexed.

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