Posts Tagged ‘pensions’

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Canada needs more workers, and political supports for children and seniors can help

Sunday, September 22nd, 2019

In 2018, for every 100 people between 15 and 64 years old, there were 50 people younger or older than them, dependent on those working people for their work and their tax revenues to pay for social programs. By 2068, that ratio will rise to anywhere between 63 and 73… in order to maintain the income supports that we already have… The more people in the workforce, the easier that becomes.

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Many companies are choosing to underfund pensions even though they have the cash, study finds

Thursday, August 29th, 2019

The study found that in 2017, the 90 defined pensions were collectively underfunded by roughly $12 billion. The companies responsible for those pensions, meanwhile, paid out $66 billion in dividends to shareholders — more than five times the amount it would have cost to fund the pensions… “Shareholders are supposed to take on the firm’s risk. Instead, that risk is being shouldered by workers whose retirement security is compromised by outstanding pension deficits.”

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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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