Nova Scotia launches doctor retirement bonus to boost recruitment and retention

N.S. to form retirement fund for physicians Premier Tim Houston announced the formation of a new retirement fund for physicians in Nova Scotia.

Nova Scotia Premier Tim Houston has announced a new retirement benefit for doctors based on their years of service in the province.

Houston announced the new financial incentive Wednesday morning. He says he believes it will help keep and recruit more doctor to stay and work in Nova Scotia.

“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 Houston.

"Fixing health care. That's been my priority since Day 1," said Houston. "And you can't fix it without doctors."

The retirement fund will apply to all doctors working in the province who provide patient care, said Houston. That includes both full and part-time doctors who are licensed to work in Nova Scotia.

Currently, it is estimated there are 3,000 doctors working across the province who are eligible for the retirement fund, which provides doctors with financial incentives based on their years of service as of Dec. 31.

The province is reimbursing physicians for their contributions to their preferred retirement savings plan.

Doctors don't have to contribute during their first five years of practice and will be eligible to receive $5,000 per year for the province.

From the five years of service to 15 years, the province will match doctor contributions up to $10,000, while any physician above 15 years of service will be matched up to $15,000 for their contributions.

It is expected the Physician Retirement Fund Initiative will cost the government $22 million annually.

“This fund will be a powerful recruitment and retention tool for our province,” said Dr. Gehad Gobran, president of Doctors Nova Scotia.

“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.”

The province says there 73 net new doctors were recruited to Nova Scotia between April and August.

As of June, there were 160,000 Nova Scotians on the provincial wait-list for a family doctor.

For more Nova Scotia news, visit our dedicated provincial page.