Physician Retirement Fund Initiative
As the province continues looking at ways to recruit and retain doctors, it is launching a new initiative to contribute to doctors’ retirement savings plans. In the image, a physician uses a stethoscope to assess a patient. (Communications Nova Scotia / File)
The government will provide a new retirement benefit to doctors as part of ongoing efforts to expand recruitment and retention initiatives in Nova Scotia.
The support is through annual contributions that doctors put toward their retirement savings. The Province’s contributions will be based on doctors’ years of service, full- or part-time status, and the amount they contribute to their preferred retirement savings option.
“We’re competing with the rest of the world for doctors, and that requires a comprehensive approach to our recruitment and retention efforts, including long-term financial incentives,” said Premier Tim Houston. “This fund will apply to all doctors working in the province who provide patient care.”
The retirement benefit is available to all full- and part-time doctors who are licensed to work in Nova Scotia and provide direct patient care or clinical services such as specialists in radiology and pathology.
The amounts doctors can receive based on their years of service, as of December 31, are as follows:
- five or fewer years of service – $5,000 annually; no savings contribution by the doctor is required
- five to 15 years – up to $10,000 annually
- more than 15 years – up to $15,000 annually.
The Province’s contribution is based on full-time equivalency. Doctors who work part-time will have their hours prorated and contribution matched based on their full-time equivalency.
Action for Health is the government’s plan to improve healthcare in Nova Scotia. A retirement fund for physicians supports Solution 1 in the plan, to become a magnet for health providers.
Quotes:
“This fund will be a powerful recruitment and retention tool for our province. It will help set Nova Scotia apart when recruiting new physicians while supporting the physicians who have already begun building their career and life in Nova Scotia.”
— Dr. Gehad Gobran, President, Doctors Nova Scotia
Quick Facts:
- about 3,000 doctors across the province are eligible this year for the retirement fund
- it is estimated that the retirement fund will cost about $22 million annually
- between April and August, there have been 73 net new doctors recruited to Nova Scotia
Additional Resources:
Action for Health, the government’s plan to improve healthcare in Nova Scotia: https://novascotia.ca/actionforhealth/
Mandate letter for the Minister of Health and Wellness: https://novascotia.ca/exec_council/letters-2021/ministerial-mandate-letter-2021-DHW.pdf