A federal pilot has paid out more than a million in retirement bonuses to workers who had no workplace pension
A group of workers who have long lacked access to workplace pensions just passed a notable threshold.
More than 1,000 personal support workers have accumulated over $1m in retirement savings bonuses through the my65+ PSW Savings Bonus Program as of March 31, according to SEIU Healthcare and Common Wealth.
The federal program, funded through the Government of Canada's Personal Support Worker Retirement Savings Innovation Program pilot, offers eligible workers up to $7,500 in bonuses over two years.
Canada has an estimated 300,000 PSWs, many of them women, newcomers, and racialized workers, and most who deliver homecare have no access to workplace pensions or retirement benefits.
The program targets approximately 5,000 of those workers.
SEIU Healthcare and Common Wealth developed my65+ following years of advocacy, describing it as Canada's first retirement savings plan designed specifically for modest-income healthcare workers.
Alex Mazer, co-founder and CEO of Common Wealth, said the program "illustrates the powerful role government can play in supporting workers who've been excluded from workplace savings."
Patty Hajdu, minister of jobs and families, echoed that framing, saying a strong economy "depends on a thriving care sector and the hard workers who make it possible."
The announcement came on May 19, Personal Support Worker Day in Canada.
