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Benefits Canada
With many employees struggling with finances since the coronavirus pandemic started last March, two experts weigh in on the viability of offering a workplace emergency savings benefit.
Elizabeth Mulholland, chief executive officer of Prosper Canada
Policy-makers should absolutely be considering ways to facilitate a wider range of affordable, quality workplace savings options and to more actively support employees to save for emergencies.
Even before the coronavirus pandemic, too many Canadians (43 per cent) were living paycheque to paycheque and not saving at all, according to a 2019 poll by BDO Canada Ltd. With the rise of non-standard work, fewer and fewer Canadians have access to quality workplace savings plans. And Canadians who save in retail registered retirement savings plan or tax-free savings account investment products, instead of through the workplace, typically pay higher fees that erode earnings and, for Canadians earning under $50,000, eat into their