1 in 5 Canadians expect to never retire: Study
VANCOUVER — Nearly one in five workers (17 per cent) expect they will never be able to afford to fully retire, found a survey by HSBC. Forty per cent of retired Canadians said they have not prepared adequately for a comfortable retirement and four per cent said they will have to go back to work to cover their financial shortfall. Forty-nine per cent of current workers worldwide expect to still have financial responsibilities toward others after they retire.
EI beneficiaries down to pre-recession levels
OTTAWA — The number of regular employment insurance (EI) beneficiaries declined by 10,900 (or 2.1 per cent) in July, according to Statistics Canada. This decline brings the number of beneficiaries to a level similar to before the labour market downturn in 2008. The number of beneficiaries fell in most provinces, with notable declines in Quebec, Manitoba, Saskatchewan and Newfoundland and Labrador. There was little change in Ontario and British Columbia.
Absent workers cost economy $16 billion in 2012: Report
TORONTO — The average worker was absent almost two full work weeks (9.3 days) in 2011. These absences cost the Canadian economy an estimated $16.6 billion in 2012, according to a Conference Board of Canada study. The direct annual cost of absenteeism averaged 2.4 per cent of gross annual payroll. The public sector absenteeism rate (12.9 days) was higher than that of the private sector (8.2 days). Among unionized workers, the absenteeism rate was 13.2 days, compared to 7.5 days for non-unionized employees.