NEW YORK--(BUSINESS WIRE)--Much of the media coverage on the Canadian retirement income problem is missing the mark. According to commentary from Segal Consulting’s Canadian Business Leader Cameron McNeill, “The Canada Pension Plan and the accompanying Old Age Security program actually give excellent pay replacement for low paid workers. Other issues such as social injustices, minimum wage inadequacy, corporate offshoring of jobs or a focus on shareholder returns at the expense of the worker are issues of income adequacy.”
Mr. McNeill continued, “Registered Retirement Savings Plan contributions could help alleviate the retirement income adequacy problem. Unfortunately, some people just don’t have any money left after meeting life’s needs to make meaningful contributions. And if interest rates go up, taking mortgage and credit card payments with them, contributions will not get larger any time soon.”
To read his entire commentary, click here.
Segal Consulting (www.segalco.ca), a member of The Segal Group, is a leading employee benefits, human resources, actuarial and investment consulting firm in Canada. The Segal Group is headquartered in New York and has nearly 1,000 employees throughout North America. Clients include state and local governments and joint boards of trustees administering multi-employer pension and health and welfare plans. In 2014, The Segal Group is celebrating the 75th anniversary of its founding by Martin E. Segal (http://www.segalco.com/about-us/#anniversary).
