In Other News
The 2023 federal budget introduced new tax rules for owners transferring businesses to next generation family members or employees, which take effect January 1, 2024. Draft legislation was released in August 2023, and included revisions to the proposals for intergenerational business transfers and employee ownership trusts (EOTs).
Inflation has always been and continues to be a significant issue for employee benefits plans. Over the past 25 years annual inflation in this area has fluctuated each year but has generally averaged about 6% per year.
Pay transparency is an emerging practice that involves openly disclosing compensation information, such as salary ranges, with employees and potential employees.