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How are organizations reacting to the CPP expansion?
In the summer of 2016, Canada’s finance ministers agreed to a dual expansion of the CPP. Mercer conducted research to understand how organizations perceive the proposed CPP changes, and how they are reacting to the changes based on a survey of our clients.
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HERE IS WHAT WE LEARNED:
1
UNCERTAINTY AND CONCERN SURROUNDING THE EXPANSION OF THE CPP
7 in 10 view the CPP expansion as a significant issue for their organization
Only 36% believe it will help retirement security for Canadians
91% said they are more concerned about added costs
2
TOP THREE CHALLENGES
20% Adapting current plans
“Understanding how to tie it into the compensation package”
40% Absorption of costs
“Planning for additional costs in a tight business environment”
20% Communicating changes
“Helping the organization understand what it really means to how, when and why”
3
PLANS TO MANAGE ADDITIONAL COSTS
4
PLAN AHEAD
81% Will have assessed the cost implication of the CPP expansion by the end of 2017
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