Posts Tagged ‘pensions’

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These unfair tax policies are putting a burden on women and seniors and need to be changed now

Friday, February 28th, 2020

Many of the policies are particularly harmful to older women because they hit those who are single/widowed and over the age of 65 — a group that contains a much higher percentage of women than men. As we head into a new decade, and in the spirit of eternal optimism, I am providing a list of four main offending policies in the hope that some political titans vow to fix them

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It’s time to rethink the social contract for our rapidly changing world

Monday, February 17th, 2020

… lifetimes are getting longer but… households are saving ever less to cover their retirement years … in 2017, more than… 41 per cent did not save for retirement; 20 per cent did not save at all; and 12 per cent do not have a six-month savings buffer… the labour market is changing in a way that some are being left behind, income polarization is only growing and it appears that every generation feels they are being denied access to the economic party.

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ODSP needs support, not criticism

Friday, January 3rd, 2020

Understood properly, ODSP is growing at the same rate as Ontario’s aging population… Given cuts to other disability benefit programs, the reality is that ODSP should be increasing in numbers and cost more than it has…. ODSP benefits have declined by approximately 1 per cent per year to inflation over the last 25 years.

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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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Canada’s largest companies could easily eliminate pension deficits, but choose shareholder payouts instead: Report

Sunday, September 1st, 2019

”Year after year, companies are bringing in excess income, and year after year they decide to pay that out to shareholders instead of settling their pension obligations” … Most of the 10 companies with the largest pension deficits pay out far more annually to shareholders than the value of a one-time payment to eliminate their pension liability.

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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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