To date, the benefit has rolled out in 22 countries, including in the United States last week. The company will extend the benefit to the remaining countries where it operates, including Canada, over the coming months.
The family caregiver leave allows an employee to take up to four week of fully paid leave to care for an immediate family member with a serious health condition, wrote Kathleen Hogan, executive vice-president of human resources at Microsoft, on her LinkedIn page. Read more
by Kim Siddall
Increasing longevity, better health and the elimination of mandatory retirement means many Canadians are delaying their retirement past age 65, presenting employers with both advantages and challenges for managing benefits for this unexpected segment of their workforce.
Statistics Canada’s last census indicated that one in four Canadian seniors were still working in some capacity past the traditional age of retirement, whether driven by choice or economic necessity. This finding was echoed by Sun Life’s last Unretirement index last year, which pointed to a growing number of Canadians who fully expect to still be working full time at age 66. In fact, 2015 marked the first year in the seven years of the study that more respondents expected to be working full time at 66 than those who expected to be fully retired. Read more
Property sellers, builders and managers are set to cash in as members of Generation Y finally find the money for a mortgage down payment
Amid predictions for a modest 2016, home prices in many Canadian markets continue to soar, and much of the growth is coming from an unlikely source: millennials. Canadians ages 16 to 36 are over nine million strong; they’re now the largest cohort in our workforce, and they’re entering their prime home-buying years.
Frank Magliocco, Canadian real estate lead at PwC, does not expect high demand—and related house price increases—to ease up any time soon in hot urban markets like Vancouver and Toronto. He points to growth in condos, rental apartments and mixed-use urban developments as proof that young buyers don’t fear big mortgages (or big leases): “In large part, [growth] is driven by millennials wanting to go to where the action is.”
Here’s why young buyers are able to get into the market—and who stands to gain from it.
79% of millennials still believe owning a home is attainable according to a 2016 poll, despite mushrooming prices raising barriers for first-time buyers
Canadians may need to rethink their risk management
In a recent study conducted by the Life Insurance and Market Research Association (LIMRA), it was reported that 61% of Canadians hold some form of life insurance. Surprisingly, it also revealed that only 38% of Canadians own an individual life insurance contract.
In another study of middle class Canadians, Manulife reported that 79% had no individual disability insurance and 87% had no individual critical illness coverage.
What both of these studies conclude is that most Canadians rely heavily on their group benefits for their family’s insurance protection. Read more