When is it OK to take the first step towards a job?
In a year when the federal government has announced an overhaul of the Canada Pension Plan, it’s easy to see why companies are looking for more flexible employment plans.
The government is hoping to make Canada’s retirement savings system more attractive to young workers by capping the amount employers can ask for in their pension plans at a certain amount of money.
That could mean a little less onerous job security in retirement for older workers.
However, the federal Liberals’ plan doesn’t specifically allow employers to offer more generous benefits to younger workers, and so employers are asking for a lot more than they already do.
What this means for employers is that some of those younger workers will still be able to find work in the future, but they’ll be unable to get a pension.
That’s bad news for many young people, who are more likely to be employed in precarious and low-paying jobs than their parents were when they started working.
And it’s a problem that’s not going away.
“The vast majority of people who start their careers with a disability and transition into their retirement years are going to be looking for a job that offers them the kind of benefits they need to keep them on track,” says Sarah Loughlin, an assistant professor of labour relations at the University of Toronto.
“This is really going to have a negative impact on the long-term prospects of many people.”
For many people, getting a pension is a crucial part of getting a good job.
But while it may seem like a big deal to them, there’s a lot of uncertainty surrounding how much they can get.
It’s a bit like getting a car, a house and an apartment: things that are not yet covered by a standard benefit plan.
But for many workers, getting the car, house and apartment could mean the difference between having enough money in retirement to buy a car and not.
In this case, the benefit plan could be a key component of their retirement income.
“If you’ve got a pension that’s generous, and it’s not guaranteed, and you’re not in a good position to work for a while, you’re going to want to look for some way to get those benefits,” says Loughliner.
“And if you’re in a position where you have those options, you want to make sure that your employer has the ability to match those contributions to their plan.”
Loughlock says employers could try to take advantage of people’s pension plan choices by offering them lower benefit levels or even eliminating them entirely.
For some people, this could mean finding a job with more flexibility, while others could be discouraged from finding work because of a lack of retirement income options.
For example, if someone who needs a car has a plan that doesn’t offer the amount of flexibility, it could make it harder for them to find a job, according to Loughlan.
“It may mean you’re getting fewer opportunities to get paid for your work,” Loughlins said.
“You’re probably going to end up in a situation where you’re looking for less than what you need.”
The federal government is offering an exemption for employers who offer flexible pensions to their employees under a new program called the Canada Benefits Plan.
The program allows employers to use the exemption to give more flexibility to their workers.
But it’s unclear how many people will be able use it, and who will be eligible.
“Employers should be able take advantage if they want to,” says David Gagnon, a senior partner at investment banking firm FBR Capital Markets, which advised the government on the CPP changes.
“But employers should also make sure they’re taking advantage of the benefits available to their full-time workers.”
The program has been a boon for Canada’s big companies, which are eager to boost their retirement security and boost profitability.
They’re also looking to make up for lost productivity by offering more flexible benefits.
The Canadian Federation of Independent Business, which represents many large companies, is pushing for employers to take into account the changes in the CPO.
The federation is urging employers to adjust their plans to reflect the changes to the CPE.
For instance, employers are encouraged to offer higher benefit levels to workers who are at the lower end of the income distribution.
In some cases, they may be asked to pay less, or even offer fewer benefits to workers.
For the small businesses that rely heavily on small businesses, this can make the benefits more valuable.
“I think a lot employers are realizing that they have to take a look at the costs associated with offering lower benefits, and I think they’re looking at those cost factors in order to see how much that’s going to benefit their bottom line,” says Gagnons.
Some of the biggest companies, such as Cargill and Loblaw Companies Ltd., have already started offering a CPO for employees under the Canada Benefit Plan.
And that program has already begun rolling out to new