Employee thoughts on pension plans may surprise business owners

KINDERSLEY, SK, May 22, 2014 /CNW/ - Business owners should PLAN to rethink their compensation structures.

In April of this year, Saskatchewan Pension Plan commissioned market research regarding compensation methods in the workplace. Opinions and stats were gathered from both employers and employees, and the results are likely to surprise some business owners:

  • From 618 Saskatchewan employees (full-time or part-time) surveyed, 57% say a pension plan is very important in deciding a new career opportunity.

  • Employees ranked pension plans as more important than cash bonuses, while employers assumed the opposite.

  • From 200 Saskatchewan employers (with less than 50 employees) surveyed, only 12.5% offer a pension plan; they do so because they feel it is the right thing to do, and to attract new employees.

  • Employers who do not offer pension plans cited cost as their main reason.

Attract and retain the best employees by joining Saskatchewan Pension Plan.

Saskatchewan Pension Plan (SPP) offers a unique opportunity to small- and medium-sized business owners and their employees, enabling businesses to provide the benefit of a pension plan without incurring the costs of administering one.

"We are trying to get the message out to employers that SPP is a simple, affordable, pension plan for your business," says SPP General manager Katherine Strutt. "Contributions can be made by the business, by the employees, or a combination of both. They're simply deducted from payroll and submitted to SPP, and business contributions are tax deductible."

Image with caption: "Saskatchewan Pension Plan (CNW Group/Saskatchewan Pension Plan)". Image available at: http://photos.newswire.ca/images/download/20140522_C9398_PHOTO_EN_40617.jpg

SOURCE: Saskatchewan Pension Plan

For further information:

For more information or to schedule an interview, contact:
Katherine Strutt
General Manager
Saskatchewan Pension Plan
Phone: 306-463-5412
Email: kstrutt@saskpension.com

Or visit our website at SaskPension.com

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