Daily News Alerts
Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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Canadians Struggle With Health And Well-Being
A sizeable portion of Canadian workers are struggling to take care of their health and well-being, resulting in a significant drop in productivity throughout the workforce, says Manulife's ‘2022?Wellness Report.’ The report says the average number of days lost to absences and presenteeism has increased by seven days compared to data from 2021 and the health of younger Canadians (18 to 24-year-old workers) shows worrying trends. The data also shows poor sleep is associated with decreased levels of physical and mental health – with work-related stress being the top contributor to poor sleep. It?identifies that workplace culture, including the availability of programs and support from management, has an important influence on employee health. The report identified that employees of the top scoring participating organizations were more aware of the programs available through their employer to support their physical and mental health. "While some productivity loss due to absences and presenteeism is expected, it is concerning to see these numbers have increased year-over-year, for the past three years," says?Ashesh Desai, head of group benefits at Manulife Canada. "In response to this trend, I encourage leaders and organizations to focus on the needs of their employees and design innovative, health-focused plans to support stronger, healthier cultures, and high performance."
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Renters Need To Save More
Millennial workers who rent for their entire careers must save 50 per cent more than homeowners in order to have a sufficient monthly income in retirement, says the ‘2023 Mercer Retirement Readiness Barometer.’ It finds that, in order to achieve a reasonable income in retirement, a millennial who rents for their entire career would need to save eight times their salary in order to achieve retirement readiness, retiring at age 68. That same millennial, if they own their home, would only need to save 5.25 times their salary and be able to retire three years earlier, at 65. Homeowners, in retirement, do not have to pay nearly as much for it. Homeownership also gives retirees flexibility, as retirees who downsize may be able to access a significant amount of money. Renters, conversely, must pay rent every month or face eviction – whether they are 25 years old or 85 years old. However, in an environment where the cost of living continues to rise and housing affordability continues to decline, many millennials may become resigned to renting, having been permanently locked out of the housing market.
For details on these stories, visit www.bpmmagazine.com