Jobs and pensions
Canada loses 39,000+ jobs in July plus what to do about your DB pension plan when changing employers.
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- The employment picture in Canada worsened in July with youth and public sector workers bearing the brunt of the bad news. In all, the economy shed more than 39,000 jobs in the month bringing the unemployment rate to 7.2%.
- Gone are the days when people spend their whole career with a single employer. Even a gold-plated defined-benefit pension plan isn’t enough to make some people stay put these days, and for good reason. Better and more fulfilling opportunities shouldn’t be ignored just because you’re lucky enough to have a DB plan. If and when you do leave your job and the DB plan that goes with it, you’ll have to decide whether to take a monthly amount at retirement or take a lump sum payout. Boomer & Echo has a list of considerations when deciding between lifetime payout vs. commuted value.
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