TORONTO, ONTARIO--(Marketwire - May 30, 2012) -
Editors Note: A photo for this release is available on the Canadian Press picture wire via Marketwire.
In a recent survey commissioned by the Healthcare of Ontario Pension Plan (HOOPP), more than 35 per cent of Ontarians said they were very concerned about having enough to retire on. Only 12 per cent said they were unconcerned. Personal debt was second highest, a concern for 20 per cent of those polled.
"A vast majority, 86 per cent, of Ontarians believe there is an emerging retirement income crisis in Canada," said Victoria Hubbell, HOOPP's Vice President of Strategy & Stakeholder Relations. "They are very concerned that if employees aren't able to contribute to a good pension program during their working years, they will become dependent on some form of social assistance in their retirement years. This ultimately becomes the responsibility of the taxpayers."
In fact, she said, only 29 per cent believe that most Canadians have a good workplace pension program.
These results were released today in conjunction with the Walrus/HOOPP debate on pensions, attended by representatives of the government, financial, insurance, and pension sectors.
Some other key findings from the survey:
- 85 per cent said that employers have a responsibility to offer employees access to a good workplace pension plan and that government has a responsibility to ensure that all workers can access the best type of workplace pension program.
- 81 per cent support workers having a pension that guarantees a percentage of their working income in retirement. This belief is held among all ages and all income groups. More than 80 per cent of Ontarians are interested in being part of a defined benefit pension program.
- Only 31 per cent of Ontarians are very confident that their retirement savings will provide them with adequate retirement income; but 60 per cent of those who are in defined benefit plans, the type that HOOPP offers, were confident about their retirement income.
- Three-quarters of Ontarians say they anticipate they will need at least half of their working income as annual retirement income. Yet 46 per cent of Ontarians expect to get less than half of their working salary during retirement from ALL retirement income sources.
The survey was conducted by the Gandalf Group between May 3 and May 16, 2012. For more information about the results of the survey, click here.
About the Healthcare of Ontario Pension Plan
Created in 1960, the Healthcare of Ontario Pension Plan (HOOPP) is the pension plan of choice for Ontario's hospital and community-based healthcare sector with over 370 participating healthcare organizations. HOOPP's 270,000 members include nurses, medical technicians, food services staff and laundry workers, and many other people who work hard to provide valued Ontario healthcare services. HOOPP members and employers contribute to the defined benefit pension and HOOPP pays out more than $1.3 billion in pensions annually.
As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member's earnings history and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life.
HOOPP is governed by a Board of Trustees with representation from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). The unique governance model provides representation from both management and workers in support of the long-term interests of the Plan.
HOOPP was named one of Canada's 10 Most Admired Corporate Cultures.