Sentences with phrase «workplace pension program»
The PRPP (pooled registered pension plan) is a more recent workplace pension program that behaves more like a defined - contribution plan, but is by no means universal and places investment risk on the shoulders of plan participants.
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On April 6, the minimum contribution rate for workers automatically enrolled in qualified workplace pension plans under the auto - enrollment (AE) program increased from 2 percent (split equally among employers and employees) to 5 percent of covered earnings (2 percent is paid by employers and 3 percent by employees).
Still, some people are hesitant to opt into any type of workplace program simply because they don't trust their employer or the pension plan itself.
Instead of pension plans, some workplaces may offer group RRSP or Tax - Free Savings Account (TFSA) programs, in which employers match contributions made by employees up to a set limit.
The charity is guaranteed the amount of the death benefitBenefit Money, goods, or services that you get from your workplace or from a government program such as the Canada Pension Plan.