Old Age Security at 67 a ‘timid, belated adjustment’ • Payroll earnings up 0.2 per cent in February: StatsCan • Canadian inflation up 1.9 per cent in March: StatsCan • Fewer Canadians receiving EI benefits in February: StatsCan
Old Age Security at 67 a ‘timid, belated adjustment’
MONTREAL — The raising of the age of eligibility for Old Age Security benefits from 65 to 67, as announced in the last federal budget, is an absolute must but this belated adjustment is still timid, according to Yves Guérard, actuary and author of a new publication from the Montreal Economic Institute (MEI). Since 1951, life expectancy at 65 has increased substantially, from 13 to 18 years for men and from 15 to 22 years for women. Meanwhile, the age of eligibility for pension benefits was reduced from 70 to 65 in the 1960s. The reform proposed in the last budget only partially corrects this anomaly, according to Guérard in A New Paradigm for Retirement. To avoid having a political controversy erupt over this issue with each new generation, a more dynamic approach would be to have the age of eligibility increase automatically as a function of longevity, he said. Data from the Organisation for Economic Co-operation and Development (OECD) show that countries where the employment rate for older workers is high also enjoy a high employment rate for younger workers, and where the one is low, the other is also low. This is at odds with the perception the old are taking jobs away from the young.
Payroll earnings up 0.2 per cent in February: StatsCan
OTTAWA — In February, average weekly earnings of non-farm payroll employees were $886.45, up 0.2 per cent from the previous month, according to Statistics Canada. On a year-over-year basis, earnings rose 1.8 per cent. The 1.8 per cent increase during the 12 months reflects a number of factors, such as wage growth and changes in the composition of employment by industry, occupation and level of job experience. Average hours worked per week can also contribute to changes in earnings. In February, the year-over-year growth in weekly earnings was slowed by a decline in hours worked. February was the fourth consecutive month of year-over-year declines in hours worked. Non-farm payroll employees worked 32.8 hours per week on average in February, down from 33 hours 12 months earlier and 32.9 hours in January. From January to February, total non-farm payroll employment declined by 19,200. There were decreases in administrative and support services, finance and insurance, and accommodation and food services. These declines were partially offset by gains in construction and in health care and social assistance. On a year-over-year basis, the number of non-farm payroll employees rose by 182,300 or 1.2 per cent, with most of the gains in the first half of the period. The highest growth occurred in construction (3.3 per cent); professional, scientific and technical services (three per cent); mining, quarrying and oil and gas extraction (2.9 per cent); and accommodation and food services (2.5 per cent).
Canadian inflation up 1.9 per cent in March: StatsCan
OTTAWA — Consumer prices in Canada fell to 1.9 per cent in March from a year earlier following February’s 2.6 per cent increase, according to Statistics Canada. This is the lowest it’s been in one and one-half years. On a year-over-year basis, growth in consumer prices slowed across the country and on most items, Statistics Canada said. Prices rose in only four of the eight major components. The cost of food posted the most noticeable change. Compared to 12 months ago, the cost of food rose 2.2 per cent. The previous month, this sector posted a 4.1 per cent increase. Transportation costs increased by 3.8 per cent in the 12 months to March, after gaining 4.2 per cent in February. In addition to gasoline, prices for passenger vehicle insurance premiums and for the purchase of passenger vehicles went up. The cost of energy increased by 5.1 per cent in the 12 months to March, following a 7.2 per cent gain the previous month. Consumer prices rose at a slower pace in every province in March with Ontario seeing the largest 12-month increase at 2.2 per cent, compared with 2.9 per cent in February. Manitoba recorded the smallest gains at 1.4 per cent. The Bank of Canada’s core index — or inflation minus the most volatile elements, including energy, some fruits and vegetables, mortgage interest, and tobacco — increased by 1.9 per cent, down from February’s 2.3 per cent increase.
Fewer Canadians receiving EI benefits in February: StatsCan
OTTAWA — The number of people receiving regular employment insurance (EI) benefits in February fell by 6,700 or 1.2 per cent to 552,800, according to Statistics Canada. The number of beneficiaries fell in six provinces, with the largest percentage declines occurring in Alberta, Saskatchewan and Quebec. The number of people receiving regular EI benefits in February fell in six provinces, with the largest percentage declines in Alberta (four per cent), Saskatchewan (3.8 per cent) and Quebec (3.4 per cent). There were marked declines in Ontario (2.9 per cent) and Nova Scotia (2.7 per cent). The number of beneficiaries edged down in New Brunswick. There was little change in the other provinces, according to Statistics Canada.
MONTREAL — The raising of the age of eligibility for Old Age Security benefits from 65 to 67, as announced in the last federal budget, is an absolute must but this belated adjustment is still timid, according to Yves Guérard, actuary and author of a new publication from the Montreal Economic Institute (MEI). Since 1951, life expectancy at 65 has increased substantially, from 13 to 18 years for men and from 15 to 22 years for women. Meanwhile, the age of eligibility for pension benefits was reduced from 70 to 65 in the 1960s. The reform proposed in the last budget only partially corrects this anomaly, according to Guérard in A New Paradigm for Retirement. To avoid having a political controversy erupt over this issue with each new generation, a more dynamic approach would be to have the age of eligibility increase automatically as a function of longevity, he said. Data from the Organisation for Economic Co-operation and Development (OECD) show that countries where the employment rate for older workers is high also enjoy a high employment rate for younger workers, and where the one is low, the other is also low. This is at odds with the perception the old are taking jobs away from the young.
Payroll earnings up 0.2 per cent in February: StatsCan
OTTAWA — In February, average weekly earnings of non-farm payroll employees were $886.45, up 0.2 per cent from the previous month, according to Statistics Canada. On a year-over-year basis, earnings rose 1.8 per cent. The 1.8 per cent increase during the 12 months reflects a number of factors, such as wage growth and changes in the composition of employment by industry, occupation and level of job experience. Average hours worked per week can also contribute to changes in earnings. In February, the year-over-year growth in weekly earnings was slowed by a decline in hours worked. February was the fourth consecutive month of year-over-year declines in hours worked. Non-farm payroll employees worked 32.8 hours per week on average in February, down from 33 hours 12 months earlier and 32.9 hours in January. From January to February, total non-farm payroll employment declined by 19,200. There were decreases in administrative and support services, finance and insurance, and accommodation and food services. These declines were partially offset by gains in construction and in health care and social assistance. On a year-over-year basis, the number of non-farm payroll employees rose by 182,300 or 1.2 per cent, with most of the gains in the first half of the period. The highest growth occurred in construction (3.3 per cent); professional, scientific and technical services (three per cent); mining, quarrying and oil and gas extraction (2.9 per cent); and accommodation and food services (2.5 per cent).
Canadian inflation up 1.9 per cent in March: StatsCan
OTTAWA — Consumer prices in Canada fell to 1.9 per cent in March from a year earlier following February’s 2.6 per cent increase, according to Statistics Canada. This is the lowest it’s been in one and one-half years. On a year-over-year basis, growth in consumer prices slowed across the country and on most items, Statistics Canada said. Prices rose in only four of the eight major components. The cost of food posted the most noticeable change. Compared to 12 months ago, the cost of food rose 2.2 per cent. The previous month, this sector posted a 4.1 per cent increase. Transportation costs increased by 3.8 per cent in the 12 months to March, after gaining 4.2 per cent in February. In addition to gasoline, prices for passenger vehicle insurance premiums and for the purchase of passenger vehicles went up. The cost of energy increased by 5.1 per cent in the 12 months to March, following a 7.2 per cent gain the previous month. Consumer prices rose at a slower pace in every province in March with Ontario seeing the largest 12-month increase at 2.2 per cent, compared with 2.9 per cent in February. Manitoba recorded the smallest gains at 1.4 per cent. The Bank of Canada’s core index — or inflation minus the most volatile elements, including energy, some fruits and vegetables, mortgage interest, and tobacco — increased by 1.9 per cent, down from February’s 2.3 per cent increase.
Fewer Canadians receiving EI benefits in February: StatsCan
OTTAWA — The number of people receiving regular employment insurance (EI) benefits in February fell by 6,700 or 1.2 per cent to 552,800, according to Statistics Canada. The number of beneficiaries fell in six provinces, with the largest percentage declines occurring in Alberta, Saskatchewan and Quebec. The number of people receiving regular EI benefits in February fell in six provinces, with the largest percentage declines in Alberta (four per cent), Saskatchewan (3.8 per cent) and Quebec (3.4 per cent). There were marked declines in Ontario (2.9 per cent) and Nova Scotia (2.7 per cent). The number of beneficiaries edged down in New Brunswick. There was little change in the other provinces, according to Statistics Canada.
