TORONTO, Jan. 31, 2023 (GLOBE NEWSWIRE) — The Healthcare of Ontario Pension Plan (HOOPP) was pleased to begin the new year by bringing in Carefor Health & Community Services as a new employer in the Plan. Carefor is Eastern Ontario’s largest and oldest charitable, non-profit home health care and community support services organization, offering a wide range of healthcare services, supporting clients of all ages as well as their caregivers.
“We are delighted to welcome Carefor and its more than 1,400 employees into HOOPP,” said Rachel Arbour, VP, Plan & Policy Development. “This addition showcases HOOPP’s continued focus on providing access to retirement security across Ontario’s diverse healthcare sector. While we have long been known as the pension plan for hospitals, it’s important for all healthcare facilities in the province to know that HOOPP is available to them and their employees.”
In merging their existing pension with HOOPP, Carefor and its staff are becoming members of one of the largest and most respected defined benefit pension plans in Canada.
“Moving to HOOPP was an easy decision,” said Carefor CEO Steve Perry. “Belonging to a world-class pension plan is a cost-effective way to enhance our compensation offering to staff, which improves our ability to attract and retain talent. And, even more important, it gives our people the much-needed financial peace of mind that all healthcare workers deserve.”
The value of good workplace retirement savings plans is well understood by Canadians and Canadian employers across all sectors.
The 2022 Canadian Employer Pension Survey from HOOPP and Angus Reid Group found 85% of employers believe retirement benefits are a cost-effective way to reduce financial stress for employees and 78% agreed they are more of an investment in human capital than a cost to business. Meanwhile, the Canadian Retirement Survey from HOOPP and Abacus Data found 82% of Canadians agree that all workers should have access to a pension that guarantees a percentage of their working income in retirement. Taken together, these findings underscore the urgent need to widen access to good pension plans to all Canadians.
HOOPP continues to do its part by providing coverage within the healthcare sector of Ontario. HOOPP has more than 620 employers and typically adds 20 to 25 new employers every year. HOOPP is committed to providing retirement security to a large and diverse membership. This includes groups that often don’t have access to affordable retirement savings plans, such as part-time workers (33% of HOOPP’s membership) and women (82% of membership).
Arbour added: “It is an honour to be the pension plan for Ontario’s healthcare workers, especially throughout the last few years, which have been extremely challenging for them. We want the members and employers in our Plan to know that for all they have to worry about, their pension is secure.”
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 620 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 420,000 active, deferred and retired members.
HOOPP operates as a private independent trust, and is governed by a Board of Trustees with a sole fiduciary duty to deliver the pension promise. The Board is jointly governed by the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both management and workers in support of the long-term interests of the Plan and its members.
Carefor is Eastern Ontario’s largest charitable health, homecare and community services organization, offering high-quality holistic care and support in the region. With the dedication of compassionate healthcare professionals, staff and partners, Carefor has been enriching lives since 1897. We give adults the choice to remain active and independent regardless of their circumstances. For more information, please visit carefor.ca
James Geuzebroek, Director, Media & External Communications, [email protected]
Resource News, Oil and Gas News, Mining News, Renewable News