Hard questions about retiring easy (Editorial)

Will the pension system be there when workers need it?
By John Hobel
|Canadian HR Reporter|Last Updated: 03/28/2006

There are two classes of workers. Those with pensions and those without.

Most government employees are in the former group. The latter is made up of private-sector workers. Outside government employment, it’s a smorgasbord of defined benefit plans in a mixed state of solvency, defined contribution plans with no guarantees and no plans at all. And with employers concerned about the cost of pension plan sponsorship, what private-sector workers get may not see the group into a healthy and secure retirement.

It’s a problem being experienced across the developed world. Societies are aging, global competition is squeezing employers, governments are having difficulty making ends meet and social programs are hard pressed for cash.