Research Shows Public Sector Pension Spending Contributes $5.8 Billion Annually to the Atlantic Canada Economy
Economic Activity of Plans Supports 67,000 jobs and 4,600 Businesses Across Atlantic Canada
Research released by the Canadian Centre for Economic Analysis highlights the unique value provided by Canada’s public sector pension plans across the country, and particularly in Atlantic Canada. The economic activity from the operations of pension plans and retirees spending their income supports 877,100 jobs and 55,500 businesses across Canada, supporting $33.1 billion in annual wages and $21.4 billion in tax revenue. Within Atlantic Canada 67,000 jobs and 4,600 businesses are supported, with $2.3 billion paid in wages and $1.6 billion collected in tax revenue.
The report was commissioned by the Canadian Public Pension Leadership Council (CPPLC) to understand how public pension plans contribute to the Canadian and provincial economy. Provident10 is proud to be a member of the CPPLC and to be a partner in the commissioning of this report.
The findings of the report highlight how public sector pension plans provide stability to regions across Canada through retiree spending and demonstrates how provinces benefit in different ways.
More details on the economic impacts of Canadian public pension plans can be found in the report Economic Benefits of Canadian Public Sector Pension Plans linked here: https://cpplc.ca/economic-benefits-of-canadian-public-sector-pension-plans/
About The Canadian Public Pension Leadership Council (CPPLC):
The CPPLC is a non-partisan group of senior public sector pension plan leaders from across Canada. Established in 2013, the CPPLC is dedicated to informing the evolving discussions about retirement income security for working Canadians. The CPPLC is composed of 13 public sector pension plans from across Canada representing over 2.5 million active and retired members.
CAAT Pension Plan; College Pension Plan; Government of Canada Pension Centre; LAPP; Municipal Pension Plan; NS Pension Services Corporation; OMERS; Provident 10; Public Service Pension Plan; Saskatchewan Healthcare Employees Pension Plan; Saskatchewan Teachers’ Retirement Plan; Teachers’ Pension Plan; Winnipeg Civic Employees’ Benefits Program
About the Canadian Centre for Economic Analysis (CANCEA):
CANCEA is a socio-economic research, analysis and data firm using uses industry-leading techniques in data science, including agent-based modelling. CANCEA provides objective, independent and evidence-based analysis and is dedicated to a comprehensive, collaborative, and quantitative understanding of the short- and long-term risks and returns behind market changes, policy decisions and economic behaviour.