Matching contribution program helps with student loans, mortgages

RBC hopes employees will better prepare for retirement through shared responsibility
By Sarah Dobson
|Canadian HR Reporter|Last Updated: 11/28/2018
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RBC introduced a change to its savings program in July that involves employees’ student loans and mortgages. Robert Kneschke/Shutterstock

Getting employees excited about — or even mildly engaged in — retirement planning is no easy task. It’s often considered a far-off concern involving complicated formulas and predictions, accompanied by stress about personal finances.

To combat this challenge, RBC introduced a change to its savings program in July that involves employees’ student loans and mortgages.

The changes came about after RBC noticed younger employees were not putting as much towards the company’s defined contribution pension plan introduced in 2012, which also involves matching contributions from the bank, says Nadine Orr, vice-president of pension and benefits at RBC in Toronto.