The wave of downsizing continues from major brands you likely know well. Canada’s rate of layoffs is up more than 20 per cent from a year ago as the jobs market continues to weaken, according to an economist at Royal Bank of Canada.
- Air Transat (October 2024): Announced that it is preparing to lay off up to 80 workers due to financial struggles.
- Cisco (September 2024): Letting go of around 5,600 employees—following an earlier cut of 4,000 workers in February.
- General Motors (August 2024): Laid off some Canadian workers as part of a wider reduction in staff affecting more than 1,000 salaried employees worldwide.
- Skip The Dishes (August 2024): Laid off about 800 Canadian employees, part of a restructuring effort by the CEO to ensure sustainability.
- The Body Shop Canada (March 2024): Laid off around 200 workers while seeking creditor protection and closing 33 stores because its parent company stripped the Canadian arm of cash and pushed it into debt, according to court documents.
- Canada Goose (March 2024): Reduced its global corporate workforce by 17% to better position the company for scaling.
- Enbridge Inc. (February 2024): Cut 650 positions in an effort to shrink costs.
As more companies navigate uncertain economic conditions, it’s natural to question whether your employer can safeguard your pension for the next 20 or 30 years.
Ask yourself:
- Do you trust your employer to manage your pension funds securely?
- Is the industry you work in stable enough to guarantee your pension’s safety?
- Are you confident your employer will remain financially sound in the decades to come?
Now more than ever, it’s essential to take a closer look at your financial future. Whether you’ve been impacted by these layoffs or are concerned about your employer’s stability, now is the time to reassess the security of your pension.
Watch this video where I share how you can to move your company pension to a secure Canadian insurer like Sun Life, Manulife, Canada Life, or Desjardins through a copycat annuity.
This process not only ensures your pension is in the hands of a reliable financial institution, but you could also qualify for a cash bonus payout as high as $25,000!
Before you sign any paperwork (especially if you’ve been notified of a layoff), contact Pension Solutions Canada to discuss. You can call us at 1-888-554-6661 or pick a day to have a consultation meeting over Zoom.
