Our commitment to Clients means that we’re continually looking for new expertise, capabilities and offerings that bring value to you and your employees.
In 2021, we launched two pilot projects focused on helping members pay off student debt and save more through everyday purchases.
YR Plans. In Canada, there is currently a combined $28 billion in student debt. More than 50% of graduates have some student loan debt. And 25% of millennials are still paying it off.2 Through Sun Life and YR Plans partnership, members can allocate a portion of their employer match to their government student loan. This will help to accelerate the student loan repayment term. For those members, who’re currently not participating in the plan, their employer can put the match directly into the plan, while the member pays off their student loan. This option allows the member to participate in their GRS retirement plan sooner.
Moka. Almost 1 in 3 Canadians can’t pay for an emergency expense of $2,000, which has become especially apparent since the start of the pandemic. Moka is an app that makes it easy for people to save more, spend less and invest smarter. The app automatically rounds up the everyday purchases of users and invests the spare change into an emergency savings account. Over time, this can add up by saving beyond the paycheck.
Learn more about the Moka pilot.