Canada’s pension coverage lags G8 counterparts. Tax incentives for employers could help fix that
Statistics Canada data released earlier this year found that only 37 per cent of Canadian workers are covered by a pension plan. Pension coverage continues to decline leaving more workers with a case of pension envy. As pensions become less prevalent in Canada, it begs the question: how valuable is a pension?
A Healthcare of Ontario Pension Plan (HOOPP) study entitled The Value of a Good Pension contends that for every dollar contributed to a Canada-model pension — a pension with scale, risk pooling and internal fiduciary management — a retiree can expect $5.32 of retirement income.