Fonds de solidarité FTQ Offers Personal Finance and Retirement Planning Workshop to Groupe Meloche Workers

Montréal, November 6, 2024

Employees of Montérégie-based Groupe Meloche recently took part in a Fonds de solidarité FTQ initiative to encourage Québec workers to better prepare for retirement and deal with personal finances. Developed by the Fonds' Centre de formation économique (CFE), the workshop addresses personal finance topics such as budgeting, saving, personal balance sheet, debt and retirement. Meetings were held in Valleyfield, Beauharnois and Montréal.

 "The workshop helped us identify the keys to financial planning and being ready for an important life decision, retirement. Thanks to this Fonds de solidarité FTQ initiative, we now have the knowledge and tools for financial planning, and most importantly maintain quality of life at retirement", said Patricia Regules, Director of International Recruiting at Groupe Meloche.

For Sébastien Lemay, Groupe Meloche machinist: "It's important to start thinking about retirement saving as soon as possible! I plan on investing more for retirement following this workshop."

"Saving for retirement is a real issue that must be kept on the social and economic agenda in Québec. We need to keep it in the spotlight so that we don't fall further behind Ontario in terms of seniors' wealth by encouraging workers to put money aside today and by making it as easy as possible for them to save for retirement," said Isabelle Renaud, Executive Vice-President for the Savings Market at the Fonds.

 According to an analysis of recent data from Statistics Canada, in 2020 the average income of people aged 65 and over was almost $9,000 higher in Ontario than in Québec ($49,062 versus $40,331).[1]

 Also, 40 %of retired people in Québec receive the Guaranteed Income Supplement (GIS), which is reserved for low-income retirees. Only Newfoundland and Labrador and New Brunswick have proportionally more GIS recipients than Québec.[2] We must therefore make it a priority to encourage more people to save for retirement.

 By 2027, the Fonds wants to encourage 100,000 new shareholders without a pension plan or earning less than $55,000 to save for a better retirement. 

About the Fonds de solidarité FTQ 

The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created more than 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of over 785,000 shareholders.

With net assets of $20 billion as at May 31, 2024, the Fonds supports thousands of companies through venture and development capital investments based on the belief that impact is created as much by financial as societal returns. For more information, visit fondsftq.com or our company page on LinkedIn.

Please read the prospectus before buying shares of the Fonds de solidarité FTQ. Copies of the prospectus may be obtained online at fondsftq.com, from a local representative or at the offices of the Fonds de solidarité FTQ. The shares of the Fonds de solidarité FTQ are not guaranteed; their value changes and past performance may not be repeated.

[1] Statistics Canada: Table 11-10-0039-01 Tax filers and dependants, seniors with income by source of income and age.

[2] Employment and Social Development Canada: Old Age Security (OAS) - Number of Persons Receiving OAS Benefits, by Province and by Type, August 2022.