Ottawa commits $29.9 million to help thousands of personal support workers start building retirement security
More than 5,000 personal support workers are expected to build over $40m in retirement savings through a new federal pilot program.
The Government of Canada announced an investment of over $29.9m to fund Common Wealth Pension Services Inc. under the Personal Support Worker Retirement Savings Innovation Program.
Over the next 24 months, the organization will provide eligible workers with incentives to open accounts and will match part of their contributions.
Results will be tracked to guide future policy development.
Patty Hajdu, minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, said, “A strong economy depends on a thriving care sector and the hard workers behind it.”
She added that the measures are intended to support personal support workers by helping them build a financial safety net and retire with confidence.
Stephanie McLean, secretary of state (Seniors), added, “We recognize the incredible work of personal support workers across the country. They deserve the same retirement benefits as other health care workers. Everyone should have access to a secure retirement.”
Alex Mazer, co-founder and CEO of Common Wealth, called the partnership with my65+ “a major step forward for retirement inclusion and innovation in Canada.”
He noted that despite CPP enhancements, 11 million Canadians still lack workplace retirement plans and more than half have less than $5,000 saved.
SEIU Healthcare President Tyler Downey said the union created my65+ to ensure every healthcare worker can retire with dignity.
He added, “We will not leave homecare workers behind. This funding by the federal government will help demonstrate that retention is a challenge we can solve with stronger retirement security and other economic measures.”
The initiative is part of broader efforts to strengthen long-term care, improve workforce retention, and create better working conditions.
