Why does everyone want a job with a pension? | Knowledge Gap
43Why are jobs with pensions so appealing?
Why does everyone want a job with a pension?
As a Canadian, you have access to government pension programs like the Canada Pension Plan (CPP) and Old Age Security (OAS). But why do people still seek workplace pensions? And do you even need one?
Government pension programs in Canada provide essential support during retirement. But despite these benefits, the combined government assistance might not be enough to cover living expenses for many Canadians.
How much do you get from government pensions when you retire? How much is the cost of living in Canada? What kind of workplace pensions are there?
All these questions and more will be answered in this episode of TVO's Knowledge Gap.
0:00 Why Canadians Want Workplace Pensions
0:11 Introduction to CPP and OAS
0:17 How the Canada Pension Plan (CPP) Works
0:39 CPP Contributions Explained
1:02 CPP for Self-Employed and High Earners
1:14 Maximum and Average CPP Payments
1:30 Why CPP Isn’t Enough
1:41 Understanding Old Age Security (OAS)
2:03 OAS Eligibility and Payment Factors
2:16 Maximum OAS and GIS Overview
2:44 Total Government Pension Income
3:00 Taxes on Pension Income
3:06 Why Workplace Pensions Matter
3:14 Defined Benefit vs. Defined Contribution Plans
3:38 Employer Costs and Pension Availability
3:52 Saving for Retirement: RRSPs, TFSAs, Investments
4:08 Financial Independence and Career Freedom
4:20 Conclusion
https://www.canada.ca/en/services/benefits/publicpensions/old-age-security/guaranteed-income-supplement/benefit-amount.html
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