The golden years for retiring workers are looking less golden with each passing year.
A survey by Mercer Human Resource Consulting finds that 18% of 200 Canadian employers surveyed have reduced non-pension benefits to retired employees in the past three years and nearly 25% plan similar steps in the next three years.
The costs of life, medical and dental benefits are rising too quickly to sustain existing levels, especially for future retirees, employers say.
Non-pension benefits differ from pension benefits. Employers have no legal obligation to maintain them. However, new accounting standards, enforced since 2000, do require companies to include such benefits as a liability in financial statements.
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