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October 2015 - Page 4 | Step Benefits Group
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2
Oct
2 Oct

How will the Canadian Recession Affect Capital Markets?

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Canada’s current economic crisis has been at the forefront of national news for some time now, and has millions of citizens concerned about everything from job security to pension benefits. In the wake of the event, the validity of which had been questionable up until a few months ago, many experts have stated it is a good idea not to become overly worried at this point. The ramifications of the 2015 recession at a glance Despite the dramatic shift in the value of the loonie and a subsequent decrease in interest rates by the Bank of Canada, both strong indicators that the country’s economy has taken a turn for the worse, nothing is ever as bad as it first seems. A drop in oil prices,…

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24
Sep
24 Sep

Who is Eligible for an ORPP?

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The Government of Ontario’s planned pension plan, which is slated to come into effect in 2017, will increase the retirement incomes for 3 million plus Ontarians. The Ontario Retirement Pension Plan (ORPP) will also, however, exclude millions of workers in the province. Billed as a way to supplement what retirees will already receive under the Canada Pension Plan (CPP) when they reach retirement age, the ORPP is a response to what the provincial government says is a crisis situation where too many cash-strapped Ontarians are forced to accept lower standards of living than they did during their working years. If you’ve been wondering about whether or not the ORPP applies to you, read on for more details. Who Is Covered? You’ve no doubt heard about…

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17
Sep
17 Sep

Should you Offer Benefits to Part-Time Employees?

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While it is common for full-time workers to receive certain benefits after successfully completing a probationary period, part-time workers often find themselves with little or no benefits. This begs the question: Should you offer benefits to part-time employees? Whether health insurance, paid sick time, paid vacation time, or life and disability insurance, there are lots of possible benefits traditionally available to full-timers that may not be available to part-timers, but that doesn’t mean that they shouldn’t be available to your part-time staff. Read on to find out some of the reasons why you should offer benefits to part-time workers. Differentiator One reason to consider offering benefits to part-time workers is that this can be seen as an important differentiator in the competitive marketplace. For instance,…

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10
Sep
10 Sep

How Offering Benefits is Beneficial to Businesses

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Attracting the right employees is one thing, but retaining these workers is quite another thing. You can increase the odds of accomplishing both objectives if you make workers feel like valued members of your organization, and one way to achieve this is by offering a group benefits plan. We’re taking a look at some of the key reasons to offer benefits, and how doing so will benefit your company. 1. Attract & Keep Workers You can make your business a more attractive place to work by offering a compelling group benefits package. This will benefit your company by ensuring that you can attract workers with desired skills sets and retain these employers over the long haul. It should be noted that happy workers are more…

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5
Sep
5 Sep

How do you Start an Ontario Retirement Pension Plan?

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While some Ontarians who have workplace pensions and considerable savings stand to do fine upon retirement, many who are not as fortunate could face a lower standard of living when they retire. In response to this reality, Ontario plans to roll out the Ontario Retirement Pension Plan (ORPP) in 2017. According to the provincial government as stated in “The Ontario Retirement Pension Plan: Discussing a Made-In-Ontario Solution,” the ORPP will build a solid and sustainable income system that will help working Ontarians to enjoy a comfortable retirement. It argues that the Canada Pension Plan (CPP), Old Age Security, Guaranteed Income Supplement, workplace pension plans and other tax-assisted personal savings simply aren’t enough for many Ontarians to comfortably live on. Essentially, the ORPP would initially boost…

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