OMERS, one of the largest defined benefit pension plans in Canada, serves over half a million active and retired members. These members include union and non-union employees from municipalities, school boards, transit systems, electrical utilities, emergency services, and children’s aid societies across Ontario. The contributions made by members and employers are invested globally by OMERS to ensure a stable and secure retirement income for each member. OMERS investments are present worldwide and in many communities within Ontario, generating significant economic activity across the province.
In 2023, OMERS activities contributed over $13.7 billion to Ontario’s GDP, accounting for 1.5% of the province’s economy. This impact supported more than 143,200 jobs and provided $6.8 billion in wages to Ontarians. Additionally, it generated nearly $3.8 billion in federal and provincial government revenue through corporate, income, and consumption taxes.
The influence of OMERS activities extends widely across Ontario’s population. Many Ontarians’ employment is supported by OMERS, benefiting not only the employees but also their households, contributing to the total household income. In 2023, nearly 860,000 Ontarians benefited from OMERS activities, considering all individuals living in households with someone whose wage or retirement income is supported by OMERS.
The industries that saw the greatest GDP benefits from OMERS activities in Ontario in 2023 included manufacturing, utilities, and finance and insurance services. Regionally, the GTA experienced the highest GDP support, followed by Southwestern Ontario and Central Ontario.
Download the Report: 2023 Economic Contributions of OMERS and its Members in Ontario
