PSW Savings Bonus Program Launches Nationally; Participants Can Access Up to $7,500 in Retirement Savings Incentives

TORONTO, April 21, 2026 /CNW/ - The my65+ PSW Savings Bonus Program, which offers thousands of Personal Support Workers (PSWs) the opportunity to boost their retirement savings, has opened enrollment for its first 4,000 participants. Managed by Common Wealth through a partnership with SEIU Healthcare, the program is designed to strengthen retirement security for this underserved workforce.

The program is funded by the Government of Canada's Personal Support Worker Retirement Savings Innovation Program pilot through a $29.9 million investment. Participants will earn up to $7,500 in retirement savings bonuses over two years through the my65+ retirement plan.

"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," said the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario.

Eligible PSWs who meet criteria for occupation, work history, and workplace retirement security coverage can apply and begin earning bonuses on contributions they make towards their retirement.

"Today is a major milestone for PSW retirement security," said Alex Mazer, Co-founder and CEO of Common Wealth. "This innovative program aligns closely with our mission to expand access to retirement security. It builds on over a decade of partnership with SEIU Healthcare to improve retirement outcomes for PSWs and illustrates the powerful role government can play in supporting workers who've been excluded from workplace savings."

There are an estimated 300,000 PSWs in Canada, most of whom lack access to workplace retirement benefits. These individuals support Canadians at their most vulnerable, yet their work remains systemically undervalued and lacks the financial security afforded to other healthcare professionals. Despite their essential role, they continue to face inequitable recognition and compensation compared to their peers in the healthcare system.

"This workforce is largely made up of immigrant women doing some of the most difficult and compassionate work in our healthcare system," said Tyler Downey, President, SEIU Healthcare. "This is about fairness, dignity, and recognizing the value of a lifetime of care work that PSWs provide. SEIU has advocated for years to improve conditions for these workers, and Common Wealth has been our partner from day one in helping deliver a retirement solution that meets their needs."

SEIU Healthcare represents more than 68,000 frontline healthcare workers in Ontario and has played a central role in advancing retirement security initiatives for PSWs.

The PSW Savings Bonus Program is structured to encourage both initial and ongoing savings. Participants receive a $1,000 bonus on their first qualifying contribution, with additional incentives unlocked through continued contributions.

The success of this initiative will inform future policy and program design aimed at improving access to retirement savings for workers without traditional pension coverage.

"This is a starting point, not an endpoint," said Alex Mazer. "There is more work to be done. Demonstrating that PSWs want and will use accessible retirement tools is essential to building long-term solutions."

About Common Wealth

Common Wealth is Canada's fastest-growing group retirement provider, serving over 1,500 employers across the country. The company's modern, full-stack technology platform makes it easy for employers of all sizes to offer competitive retirement benefits, empowers members to build long-term financial security, and equips advisors with tools to better serve their clients. Common Wealth is driven by its mission to make retirement security accessible to every Canadian. The platform has been recognized with Pensions & Investments' global Innovation Award for Best Technology. Learn more at commonwealthretirement.com.

About SEIU Healthcare

SEIU Healthcare is the largest homecare union in Ontario and represents more than 68,000 healthcare workers in total. The union is a leader in advocating for fair wages, benefits, and retirement security for frontline workers. SEIU Healthcare created my65+, the first retirement plan in Canada designed for low- and modest-income healthcare workers.

For more information, please visit www.seiuhealthcare.ca or www.my65plus.ca.

SOURCE Common Wealth Pension Services Inc.

Media Contact: Chris Yeldon, Head of Marketing, Common Wealth, [email protected]