With RRSP season upon us, it’s a good time to consider the tremendous advantage of setting up a group savings plan for your employees. Helping employees toward financial wellbeing in retirement can help boost morale and retention.
Tax Benefits
Employer contributions are tax-deductible
Employee matching contributions reduce employee tax burden
Employee Retention
A savings plan helps demonstrate your commitment to your team’s financial wellbeing
Reduced turnover means lower costs. We’ve outlined how to measure employee turnover costs relative to the cost of a new retirement plan in this newsletter
Financial Wellness
The ease of payroll deductions empowers employees to set aside money with no effort.
The act of savings fosters a culture of financial responsibility and security
Fixed Contribution
Your group savings contribution can be limited to a dollar amount per employee. This allows you to invest in your employees without year-over-year increases – unless you choose to increase the savings amount.
Read on in this newsletter for more information about how group savings plans or Capital Accumulation plans can reduce the cost of turnover -- and how to measure the cost of turnover in your organization.
Please reach out to book a meeting if you'd like to connect about adding a group savings plan in 2024.