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.”
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
OTTAWA – Canada’s inflation rate fell to two per cent last month, finally hitting the Bank of Canada’s target after a tumultuous battle with skyrocketing price growth.
The annual inflation rate fell from 2.5 per cent in July to reach the lowest level since February 2021.
Statistics Canada’s consumer price index report on Tuesday attributed the slowdown in part to lower gasoline prices.
Clothing and footwear prices also decreased on a month-over-month basis, marking the first decline in the month of August since 1971 as retailers offered larger discounts to entice shoppers amid slowing demand.
The Bank of Canada’s preferred core measures of inflation, which strip out volatility in prices, also edged down in August.
The marked slowdown in price growth last month was steeper than the 2.1 per cent annual increase forecasters were expecting ahead of Tuesday’s release and will likely spark speculation of a larger interest rate cut next month from the Bank of Canada.
“Inflation remains unthreatening and the Bank of Canada should now focus on trying to stimulate the economy and halting the upward climb in the unemployment rate,” wrote CIBC senior economist Andrew Grantham.
Benjamin Reitzes, managing director of Canadian rates and macro strategist at BMO, said Tuesday’s figures “tilt the scales” slightly in favour of more aggressive cuts, though he noted the Bank of Canada will have one more inflation reading before its October rate announcement.
“If we get another big downside surprise, calls for a 50 basis-point cut will only grow louder,” wrote Reitzes in a client note.
The central bank began rapidly hiking interest rates in March 2022 in response to runaway inflation, which peaked at a whopping 8.1 per cent that summer.
The central bank increased its key lending rate to five per cent and held it at that level until June 2024, when it delivered its first rate cut in four years.
A combination of recovered global supply chains and high interest rates have helped cool price growth in Canada and around the world.
Bank of Canada governor Tiff Macklem recently signalled that the central bank is ready to increase the size of its interest rate cuts, if inflation or the economy slow by more than expected.
Its key lending rate currently stands at 4.25 per cent.
CIBC is forecasting the central bank will cut its key rate by two percentage points between now and the middle of next year.
The U.S. Federal Reserve is also expected on Wednesday to deliver its first interest rate cut in four years.
This report by The Canadian Press was first published Sept. 17, 2024.
FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.
Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.
The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.
Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.
Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.
Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.
Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.
This report by The Canadian Press was first published Sept. 16, 2024.
