Many Canadians are concerned that their retirement savings will not be enough to sustain them when they leave the workforce. As a core component of the total rewards package, retirement savings and pension plans can help organizations attract and retain employees. The challenge for many employers is striking the balance of providing a plan that is cost-effective while also considering its long-term sustainability.
These findings are based primarily on The Conference Board of Canada’s annual Compensation Planning Outlook survey. This briefing provides an overview of the retirement savings and pension plan practices in Canadian organizations, including contribution rates and plan costs. It also examines the future of pensions in Canada and the influence of factors on their viability.