Economic crisis: employers maintain their contribution to employees’ RRSPs – findings of a CROP-CRHA survey

According to a CROP survey conducted in January 2009 for the Ordre des conseillers en resources humaines agréés, despite the economic crisis, 84% of employees whose employer contributes to their RRSP believe that this contribution will be equal to or even more than last year’s.

“Obviously, in more troubled economic times, employers could be tempted to cut back on some social benefits. But that’s not necessarily a good strategy for keeping their workforce motivated and productive. The survey findings indicate that Quebec employers seem to have understood this,” commented Florent Francoeur, CHRP, Ordre president and CEO.

Employer RRSP contributions: a few changes
More specifically, the survey shows that 69% of workers whose employer contributes to their RRSP believe that, in spite of the crisis, this contribution will be the same as it was last year; while 15% estimate it will be higher. Only 6% think will be lower, compared to 10% who don’t know.

Furthermore, overall, 37% of respondents reported that their employer contributes to their RRSP. This figure rises to 45% among households with annual incomes of $60,000 and over, and to 54% in the Québec City area.

Has the crisis impacted on RRSPs and pension funds?
Lastly, 45% of workers feel that the current economic crisis has had a very or fairly major impact on their pension funds or RRSP, versus 51% who consider the impact to be fairly or totally insignificant.

For the complete findings of the CROP-CRHA survey, visit www.portailrh.org/pressse (in French only).