On May 11, 2023, British Columbia passed the Pay Transparency Act, also known as Bill 13. This new legislation aims to address systemic discrimination in the workplace by fostering transparency in pay practices.
The average pension plan funded ratio changed little in Q2 2023 and year-to-date.
The average pension plan funded ratio, excluding the effect of asset smoothing, is 119% as at June 30, 2023, down 1% over the second quarter and at the same position as at the beginning of the year.
Every year on July 1, the Régie de l’assurance maladie du Québec (RAMQ) adjusts the rates for the public prescription drug insurance plan to take into account changes in plan costs.
Many private-sector organizations must include in their financial statements the recognition of their obligations toward defined benefit pension plans (DB pension plans) and other post-employment benefit plans, such as medical care plans offered to retirees (other benefits).
After a quarter marred by market and interest rate volatility, the average pension plan funded ratio at the end of Q1 2023 remained consistent with that as at December 31, 2022.
The average pension plan funded ratio, adjusted to exclude the effect of asset smoothing, is 120% as at March 31, 2023, up 1% over the quarter.
On December 20, the Ontario government announced that it will shift from biologics to biosimilars for everyone covered by the Ontario Drug Benefit (ODB) program. By expanding the use of biosimilar drugs, Ontario is following in the footsteps of British Columbia, Alberta, New Brunswick, Quebec, Nova Scotia, and the Northwest Territories.
The Ministry of Finance of Ontario recently published a consultation document on proposed regulations for implementing a permanent target benefit framework in Ontario. Since 2007, over 50 Multi-Employer Pension Plans (MEPPs) that can reduce accrued benefits have been eligible for a temporary exemption from solvency funding requirements until 2024. These plans are also known as Specified Ontario MEPPs (SOMEPPs). The new proposed regulations will be implemented with the objective of continuing this exemption for SOMEPPs, while ensuring proper governance and funding of these plans and increasing member transparency and equity.
The federal budget released on March 28, 2023, contains some measures that could have a direct or indirect impact on an organization’s total rewards offering. Our experts have put together a watch list in light of the available information.
In tabling its budget on March 21 (Budget 2023-2024), the Quebec government took the opportunity to also announce its planned changes to the Québec Pension Plan (QPP). These changes come on the heels of the recent public consultation that took place in February. Our experts have analyzed the announced changes based on the available information.
In recent months, organizations have been under mounting pressure to raise employee pay. In an already complex environment marked by the current labour shortage, another much-talked-about economic issue has influenced salary increase decisions: inflation.
The Canada Revenue Agency (CRA) and Revenu Québec have set out that an employer may pay for or reimburse up to $500 for the purchase of computer or office equipment for the purposes of working from home without it being a taxable benefit for the employee. However, this amount must not exceed $500 for purchases made between March 15, 2020 and December 31, 2022.
In addition to a robust total rewards strategy with a clear and strong positioning, Normandin Beaudry proposes four pillars of total rewards to help organizations shine and attract and retain talent.
