Our savings plans can improve outcomes and boost workplace productivity, focus
Now, more than ever, Canadians are waking up—with a strident alarm clock ringing—to their own financial vulnerability.
COVID-19 has served as a massive wakeup call, say many, and has led to the call for Canadian employers to create emergency savings plans for their workforce—with the need greater than ever, eight months into the coronavirus pandemic.
“We know from data that 28% of Canadian households who are financially impacted by COVID in August were drawing down on their (TFSAs) and (RRSPs) just to make ends meet,” says an executive with a Canada-wide financial empowerment group.
“47% of workers are freelance, contract or part time and, as a result, 850,000 workers in the non-profit sector have access to no kind of retirement savings plan. Financial insecurity is a fact of life for many people in our sector and COVID has obviously made this worse—not just in our sector, but for Canadians more generally,” she adds.
Link Investment Management is an innovative disruptor in workplace financial wellness solutions. We can help your small to midsize business put your employees’ minds at rest—not only with emergency savings plans, but with multiple savings solutions that can improve savings and retirement outcomes.
“Alleviating employees’ worries about their financial well-being can make your business an employer of choice—and it can also improve your employees’ productivity and focus in the workplace,” notes Brian McClennon, President and CEO of Link.
Link’s savings plans include:
- Group Tax Free Savings Accounts (TFSAs)
- Group Registered Retirement Savings Plans (RRSPs)
- Our Multi-Employer Defined Contribution Pension Plan, the LINK Multi Employer Pension Plan
Link’s financial wellness solutions—supported by our passive investing model, our use of low-cost, index-tracking Exchange Trading Funds (ETFs) and our robo-advisor algorithm—provide long-lasting benefits for employees, as well as immediate benefits for employers.
Whether it’s our defined contribution (DC) ALPP, group TFSAs or group RRSPs, Link’s workplace financial wellness plans offer both employers and employees distinct advantages:
- Individualized, prescribed portfolios, matched to personal risk profiles and investment objectives
- Considerable tax benefits for employers, particularly through the ALPP option
- A fully digital platform, with simple, straightforward and rapid online enrolment
- Non-branded Exchange Traded Funds (ETFs) with more flexibility and lower fees and expenses
- Plan monitoring and rebalancing by Link’s team of experienced portfolio managers
- Full transparency with respect to fee disclosure
“We have several options for employers to offer their employees with respect to emergency savings funds,” notes Mr. McClennon. “Life happens, and we can help employers put their workforce’s mind to rest as needs arise.”