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77% of Canadians would switch jobs for better retirement benefits

Toronto – As the federal, provincial and territorial governments begin planning for the roll-out of an enhanced Canada Pension Plan, the latest ADP Canada Sentiment Survey suggests retirement benefits such as pensions or a group Registered Retirement Savings Plan (RRSP) can be a deciding factor in a job change.

According to the survey, over three quarters of Canadian workers (77 per cent) say they would consider jumping ship if, all other things being equal, another employer offered retirement support.

“These numbers are an indication that employers should pay close attention to what’s important to their employees, and to what is being offered by their competitors,” said Sooky Lee, division vice-president and general manager of HR Business Process Outsourcing at ADP Canada, in a news release. “Most companies track salaries to make sure they are competitive, but many forget about other compensation factors, such as retirement programs. Workers, on the other hand, take a holistic view of what’s being offered and, as the survey shows, will make a switch if they see more value in the long term.”

Retirement benefits were found to be a big draw among employees. Highlights of the survey include:

• Employees in B.C. are the most likely to consider leaving their job with 88 per cent saying they would consider making a change if retirement saving support or pensions were offered elsewhere.
• While the majority of employees of small businesses (two to 50 employees) say they’d consider leaving their current job if they were offered retirement support elsewhere for a similar position, they are less likely to do so than those at companies with 51-500 employees and at large companies with 501-plus employees.
• Those who reside in Quebec are also less likely to say they’d consider leaving their current job if they were offered retirement benefits elsewhere versus the national average.
• There was no significant difference in willingness among different age groups, with almost 78 per cent of millennial workers saying retirement benefits would prompt a job change.

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