Mercer Canada | CPP Expansion Survey Results Summary

Mercer Canada | CPP Expansion Survey Results Summary

CPP Expansion Survey Results Summary

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.

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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