Segregated Funds

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CPPIB selling 45% stake in software services provider

CPPIB selling 45% stake in software services provider

Feds must quickly build national childcare system on existing format: report

The federal government should embrace “aggressive incrementalism” on their promised path toward a national childcare system and quickly build on what’s already there rather than...

Employers should weigh human rights, health risks when drafting pandemic policies

Employers are facing a growing number of legal considerations as they continually adapt policies amid the ongoing coronavirus pandemic, according to a recent webinar hosted...

Ontario Teachers’ reporting 8.6% net return for 2020

The Ontario Teachers’ Pension Plan is reporting a total-fund net return of 8.6 per cent for 2020, a year which has generated mixed financial results...

  • By: Staff
  • April 1, 2021 April 1, 2021
  • 09:00

High-cost drugs remain primary cost driver for Canadian public and private drug plans: PMPRB

High-cost drugs remain the primary cost driver for Canadian public and private drug plans, said the Patented Medicine Prices Review Board’s newly released 2019 annual...

  • By: Staff
  • April 1, 2021 March 31, 2021
  • 09:00

Read the full article at BenefitsCanada.com

Ontario’s budget highlights pension benefits, ongoing support for employers and employees

Ontario’s budget highlights pension benefits, ongoing support for employers and employees

Read: What do pension benefits guarantee fund changes mean for plan sponsors?

The budget stated while the fund is currently in a strong financial position, the number of plans covered is decreasing as defined benefit plans continue to close. “At the same time, conversions to the jointly-sponsored pension plan model, while providing benefits such as shared governance and efficiencies, also decrease the number of covered plans. The declining number of plans paying into the [pension benefits guarantee fund] further concentrates risk among fewer employers.”

In other news, in light of ongoing economic hardship caused by the coronavirus pandemic, the Ontario government is providing a second round of small-business support payments to eligible recipients in the form of grants ranging between $10,000 and $20,000, while expanding eligibility for these businesses to receive up to $1,000 for the purchase of personal protective equipment. But, unions representing education staffers criticized the budget for not spending on adequate in-school safety measures, noting health impacts on employees during the pandemic including hospitalizations from the virus.

Read: Ontario’s 2020 budget highlights employer health tax, pension reviews

The province is also extending the wage enhancement for more than 147,000 personal-support services workers until June 30, 2021, and will continue to review the extension, the budget stated. It’s also proposing a 20 per cent top‐up to the 2021 tax credit for child-care access and relief from expenses, increasing support from $1,250 to $1,500, on average.

And in response to the pandemic’s uneven economic impact, the province is dedicating $117.3 million in targeted employment and training supports to assist women, racialized individuals, First Nations peoples, youth and people with disabilities.

Meanwhile, NDP Leader Andrea Horwath and CUPE Ontario President Fred Hahn called out the absence of a paid sick-day policy to protect employees as the province faces down a third wave. The federal government currently offers paid sick leave via its Canada Recovery Sickness Benefit program, but critics argue the process of applying and waiting for payments creates unnecessary barriers for employees to navigate during the ongoing coronavirus pandemic. In 2019, the provincial government eliminated a paid two-day entitlement and replaced it with three new unpaid leaves of absence, available to any Ontario employee regardless of the size of employer.

Read: Calls for Ontario to reinstate paid sick leave intensify amid lockdown

Read the full article at BenefitsCanada.com