A savings program with options for your employees
This guest blog is provided by the Government of Canada’s Retail Debt Program who is responsible for implementing and administrating the Canada Savings Bonds Program.
A flexible benefits package with multiple options allows your employees to customize a plan that best suits their needs. Looking for a way to increase the choices available in your organization's benefits package? Consider adding a savings program that answers the needs of your employees.
The Canada Savings Bonds (CSB) Payroll Savings Program is a reliable savings program to add to your organization's benefits package — whether to complement an existing plan, or to offer on its own. It enables employees to save through the convenience of automatic payroll deductions, providing an easy savings tool at work.
The Program includes features that allow employees to choose how they want to save, based on their unique saving needs:
- Access to funds at any time. There is no restriction on how often employees can redeem their funds. Employees have the option to make frequent redemptions for short-term saving goals or leave their plan untouched for an extended period of time.
- No set contribution amount. The Program does not predetermine the amount to be saved each pay — it is up to the employee. The employee decides how much they can afford and can adjust the amount each year to accommodate their changing needs.
- The option to designate the plan owner. The employee decides who they want to save for. They can set up a savings plan for themselves or a loved one. The option to create a joint savings plan with someone else is also available.
Because the Program is built to suit everyone's savings goals, it does not have to compete with other long-term savings plans that employees may already be contributing to. Employees can tailor their Payroll Savings Plan to fill any gaps that their existing plans may not cover.
If you would like to offer the CSB Payroll Savings Program to your employees, visit csb.gc.ca/employers for more information.