Quebecers are Not Well Prepared for Retirement
It is astonishing to note that 73% of Quebecers do not intend to or do not know if they will plan for the use of their savings before they retire, according to a recent survey by ÉducÉpargne (available in French only). Yet 95% say it's important to think about it! So it's not a lack of interest in contributing, but rather a lack of motivation.
The Group Retirement Plan Enables Employees to Save Effortlessly
When you establish a retirement savings plan in your company, your employees' contributions can be deducted directly from their salary. This gives them a powerful savings tool that doesn't require them to be diligent. You may be surprised: you could be offering the first opportunity for many of them to start saving for their retirement!
The Employers' Contribution: A Compelling Argument
As an employer, you have the ability to contribute to your employees' retirement savings plan. If you choose to do so, you are showing your employees that you support them well beyond the workplace. You are giving them the chance to pursue their goals and you are relieving them of a huge financial burden. With the current labor shortage faced by all businesses in all sectors, this is a major asset to your visibility and your employer brand.
You Will Also Save
Perhaps you pay bonuses or salary increases to attract and retain employees. But by replacing your current retention strategies with a group retirement savings plan , you can save on a number of payroll taxes including:
- The Quebec Pension Plan (QPP)
- Employment Insurance (EI)
- The Quebec Parental Insurance Plan (QPIP)
- The Commission des normes, de l'équité, de la santé et de la sécurité du travail (CNESST)
- The Health Services Fund (HSF)
What are your Responsibilities as an Employer?
When deciding to offer a group retirement savings plan to your employees, you need to be certain that they are aware of their investment options. You should also inform them that their participation is optional and provide them with their contribution options. In general, you should provide them with all the information they need to make an informed choice.
With the help of a good consultant, however, this responsibility will be minimized and will result in added value, higher returns and no hassle for employees.
Evaluate your Group Retirement Savings Plan Options
Introducing a retirement savings tool for your employees sets you apart as an employer to future candidates. You're giving the gift of a simple way to save and, if you contribute, you're giving them unparalleled peace of mind.
To find out about the savings options you could offer your employees, don't hesitate to meet with our group annuity plan advisors. They can establish your company's profile and help you implement the product that best meets your needs and those of your employees.
 Not applicable to all group retirement savings plans. Find out more.