Earlier this year, Darlene Mulcahey wasn’t feeling like herself. She couldn’t focus or remember information, and her productivity at work was plunging.
Mulcahey later realized these were symptoms of menopause. But when she brought up the issue with her manager, he told her he didn’t know how to help.
“I found myself feeling very alone and without any support at work, so eventually I had to take a leave of absence,” she said.
Most women reach menopause between ages 45 and 55. That means two million members of Canada’s workforce could be coping with symptoms, and the lack of support may be taking a serious economic toll.
A new report by the Menopause Foundation of Canada suggests missed work days, lower productivity and lost income due to menopause symptoms cost $3.5 billion a year. The foundation’s president, Janet Ko, said many women end up taking time off or quitting altogether, often at the height of their careers.
“We believe that menopause is the missing link to explain why more women aren’t breaking through the glass ceiling,” she said. “When women should be earning the most, they’re actually stepping back, and that creates, of course, a ripple effect in the economy.”
Closing the gap
Almost half of women polled say they are unprepared for menopause, and nearly all report experiencing symptoms such as hot flashes, joint pain and anxiety, according to a national survey by Leger for the Menopause Foundation of Canada.
“I think one of the reasons why it doesn’t get talked about is because it’s overwhelmingly viewed as negative,” Ko said. “It is shrouded in mystery and secrecy because it’s wrapped up in ageism.”
Janet Ko is the President of the Menopause Foundation of Canada. She’s calling on businesses to become more ‘menopause-inclusive.’ (Shawn Benjamin/CBC)
Employees have a tough time accessing information and support, with 67 per cent of women surveyed saying they would not feel comfortable speaking to their supervisor about their symptoms. The majority would like to see workplaces offer more support, including medical insurance covering menopause treatments and therapies, options for time off and flexible work, and menopause-awareness sessions for employees.
Ko is calling on big business to step up.
“We don’t think this is a heavy lift for employers. We think that having conversations and breaking the taboo is one of the most important things that can be done.”
A menopause movement
Around the world, companies are starting to pay more attention to the issue. Adobe, Kellogg’s and Bank of America are offering menopause-specific support in a bid to attract and retain female employees.
In Canada, insurance company Sun Life is one major employer taking up the cause. “It’s an underserved health gap,” said Helena Pagano, chief people and culture officer for the insurer. “It’s a solvable problem if we put some resources and momentum behind it.”
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Pagano has been hosting employee awareness sessions about menopause and has been overwhelmed by the response, with staff thanking her “for letting us have a conversation that I never thought I would have at work.” Sun Life is also offering benefit coverage for hormone replacement therapy, mental health support and a flexible work environment.
Pagano said what’s good for the company will also be good for employees.
“It’s going to help the career success, personal success, financial well-being, health well-being of our people.”
After a four-month leave of absence and hormone replacement therapy, Mulcahey is back in the office and feeling better than ever. She’s launched her own menopause initiative: a virtual platform to help others find information like articles and videos. She hopes it will keep more women in the workforce.
“It’s very difficult trying to do it alone,” she said. “We deserve to be heard, to be seen and to be supported.”
OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.
She says the changes will come into force in December and better reflect the housing market.
The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.
Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.
Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.
The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.
The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
The increase followed a 1.7 per cent decrease in June.
The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.
Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.
Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.
In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.
This report by The Canadian Press was first published Sept. 16, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
