GATINEAU, QC, Sept. 3, 2025 /CNW/ - Personal support workers are essential to the strength of Canada's care system, and the Government of Canada is supporting their efforts by helping them build greater financial security.
Today, the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, and the Honourable Stephanie McLean, Secretary of State (Seniors), announced an investment of over $29,9 million to fund Common Wealth Pension Services Inc., an organization selected under the Personal Support Worker Retirement Savings Innovation Program pilot.
Over the next 24 months, Common Wealth will help eligible personal support workers build retirement savings by offering incentives to open accounts and matching part of their contributions. The goal is to strengthen savings habits, enroll over 5,000 eligible personal support workers and build more than $40 million in retirement savings. By tracking results, the measures will help both industry and government in improving support for personal support workers and shaping future policies.
This initiative is one of several Government of Canada actions to improve long-term care. This program helps personal workers save for their future while also strengthening long-term care by improving workforce retention and creating better working conditions.
Quotes
"A strong economy depends on a thriving care sector and the hard workers behind it. Through these measures, we're supporting personal support workers by helping them build a financial safety net and retire with confidence. With the collaboration and advocacy of unions in the healthcare sector, these efforts will strengthen its workforce and ensure Canadians have access to high-quality, and reliable care across the country."
– The Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario
"We recognize the incredible work of personal support workers across the country. They take care of our loved ones and provide support to older Canadians who want to age at home for as long as possible. They deserve the same retirement benefits as other health care workers. Everyone should have access to a secure retirement."
– The Honourable Stephanie McLean, Secretary of State (Seniors)
"This partnership with my65+ is a major step forward for retirement inclusion and innovation in Canada. Despite recent improvements such as the CPP enhancement, 11 million Canadians still lack access to a retirement plan at work, and over half have less than $5,000 saved for retirement. Through this funding from the federal government, PSWs can quickly access thousands of dollars in incentives by enrolling on their phone - creating a retirement plan, starting to save, and getting education and support. Our goal over the next two years is to help more than 5,000 PSWs begin saving for retirement."
– Alex Mazer, co-founder and CEO of Common Wealth and administrator of the m65+ retirement savings plan
"SEIU Healthcare created my65+ because we believe every healthcare worker deserves to retire with dignity. Unions built pensions for hospital workers, then nursing home workers, and today, SEIU is sending a message that we will not leave homecare workers behind. This funding by the federal government will help demonstrate that retention is a challenge we can solve with stronger retirement security and other economic measures. I want to thank the Government of Canada for this investment, because after a career of serving their communities, PSWs deserve a chance to save a little easier and retire with more peace of mind. They deserve nothing less."
– Tyler Downey, President of SEIU Healthcare
Quick facts
- Common Wealth offers a digital retirement platform that provides members group retirement services. They work in collaboration with brokerages and advisors across Canada to support their members with retirement planning. Their platform integrates planning, saving, investing, annuities and access to expert support to help members maximize their financial outcomes in retirement.
- There are nearly 400,000 personal support workers in Canada who work in hospitals, long-term care facilities, homes and community care settings, and who support older adults and people with disabilities. The majority of personal support workers are women, immigrants or racialized people and earn modest- to low-income salaries, often working in multiple jobs or with limited benefits coverage.
- The Personal Support Worker Retirement Savings Innovation Program supports pilot projects that encourage saving for retirement for personal support workers who do not currently have workplace retirement plans by offering savings incentives. The goal is to find effective ways to help these pivotal health care workers improve their financial security in years to come.
- Budget 2023 outlined the Working Together to Improve Health Care for Canadians Plan, through which the Government of Canada is investing close to $200 billion over 10 years, including $46.2 billion in new funding for provinces and territories, to improve health care for Canadians.
Associated links
- Budget 2023 – A Made-in-Canada Plan
- Working Together to Improve Health Care in Canada
- Working Together Bilateral Agreements
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SOURCE Employment and Social Development Canada
Contacts: For media enquiries, please contact: Aissa Diop, Director of Communications, Office of the Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, [email protected]; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [email protected]
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