SEIU HEALTHCARE’S MY65+ AND COMMON WEALTH SECURE $29.9M FEDERAL INVESTMENT TO STRENGTHEN RETIREMENT SECURITY FOR HOMECARE WORKERS

RICHMOND HILL, ON, Sept. 3, 2025 /CNW/ – SEIU Healthcare and Common Wealth, alongside The Honourable Patty Hajdu, Minister of Jobs and Families, proudly announced today a new $29.9 million investment from the Government of Canada to support the retirement security of healthcare workers in Canada’s homecare sector through the innovative retirement savings plan, my65+.

This funding will provide eligible healthcare workers enrolled in my65+, a retirement savings plan created by SEIU Healthcare and administered by Common Wealth, with meaningful financial incentives, including a $1,000 enrollment bonus and up to $3,000 annually in dollar-for-dollar matching contributions.

This economic incentive will help eligible homecare workers, like personal support workers, build retirement savings by offering incentives to open accounts and matching part of their contributions. The goal is to strengthen savings habits, enroll over 5,000 eligible personal support workers and build more than $40 million in retirement savings. By tracking results, the measures will help both industry and government in improving support for personal support workers and shaping future policies.

Unions built pensions for hospital workers and nursing home workers, and now, this funding will help level the playing field by giving workers in the homecare sector the chance to build a more secure retirement. It will help retain healthcare workers in a sector with turnover rates as high as 40% annually, ensuring Canada’s seniors receive the care they need, where they need it.

SEIU created my65+ so no healthcare worker would be left behind. It’s an innovative plan that allows members to create a personalized retirement plan, access both RRSP and TFSA accounts, receive smart saving recommendations that help preserve government benefits, and invest through professionally managed target-date funds. The plan is portable for life, staying with members even if they change jobs.

Quotes:

“A strong economy depends on a thriving care sector and the hard workers behind it. Through these measures, we’re supporting personal support workers by helping them build a financial safety net, and retire with confidence. With the collaboration and advocacy of unions in the healthcare sector, these efforts will strengthen its workforce and ensure Canadians have access to high-quality, and reliable care across the country.” – The Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario

“SEIU Healthcare created my65+ because we believe every healthcare worker deserves to retire with dignity. Unions built pensions for hospital workers, then nursing home workers, and today, SEIU is sending a message that we will not leave homecare workers behind. This funding will help demonstrate that retention is a challenge we can solve with stronger retirement security and other economic measures. I want to thank the Government of Canada for this investment, because after a career of serving their communities, PSWs deserve a chance to save a little easier and retire with more peace of mind. They deserve nothing less.” – Tyler Downey, President of SEIU Healthcare

“This partnership with my65+ is a major step forward for retirement inclusion and innovation in Canada. Despite recent improvements such as the CPP enhancement, 11 million Canadians still lack access to a retirement plan at work, and over half have less than $5,000 saved for retirement. Through this funding from the federal government, PSWs can quickly access thousands of dollars in incentives by enrolling on their phone – creating a retirement plan, starting to save, and getting education and support. Our goal over the next two years is to help more than 5,000 PSWs begin saving for retirement.” – Alex Mazer, co-founder and CEO of Common Wealth and administrator of the m65+ retirement savings plan

About SEIU Healthcare

SEIU Healthcare is the largest homecare union in Ontario and represents more than 68,000 healthcare workers in total. The union is a leader in advocating for fair wages, benefits, and retirement security for frontline workers. SEIU Healthcare created my65+, the first retirement plan in Canada designed for low- and modest-income healthcare workers.

For more information, please visit www.seiuhealthcare.ca or www.my65plus.ca

About Common Wealth

Common Wealth, the administer of the my65+ plan, is driven by its mission to make retirement security accessible to everyone, currently serving over 1,200 employers across Canada, with especially rapid adoption among SMBs and the advisors who serve them. Common Wealth’s vision is to provide its members with a “retirement plan for life” that extends beyond the workplace, and to offer its advisor partners the best platform to power the growth of their businesses. Common Wealth’s retirement technology platform has been awarded Pensions & Investments’ global Innovation Award for Best Technology.

For more information, please visit www.commonwealthretirement.com

SOURCE SEIU Healthcare