The 2004 federal budget: Implications for HR managers

An in-depth look at items of interest from an HR perspective
By C. Ian Genno
|Canadian HR Reporter|Last Updated: 05/21/2004

On March 23, federal Minister of Finance Ralph Goodale tabled his first budget. Within hours, the key spending proposals and financial initiatives were thoroughly analysed and commented upon from the perspective of various interest groups. One perspective that has not yet received as much attention is that of HR managers — mainly because the budget contained few proposals of significant and immediate impact on HR. There were several announcements, though, relating to employers’ HR interests — such as health-care funding, pension plan investments, CPP and EI revisions, and some technical issues.

Broad strokes for employer-sponsored pension and benefit plans

The minister acknowledged the financial pressures arising from an aging population and the resulting need to manage the federal government’s finances more prudently so that social security commitments can continue to be met in the future.