It is always important to invest in your employees because as you will learn, they can determine your success of failure. Having a good benefits plan for employees is one of the major ways you are able to have a successful team backing you are. Some of the research service in Canada, discovered that 78% of business is still use traditional benefits plan for the employees why there is the option of considering more flexible options. One thing you cannot ignore however is that creating an employee insurance benefits plan can help you to attract and retain the best workers. Here is what you need to know when creating the best employee insurance benefits package in Canada.
For you to create the best package, you definitely need to understand the different types of employee benefits. You will notice that there are two categories you need to learn more about which include mandatory employee benefits and supplementary benefits. One of the things you’ll notice is that the mandatory employee benefits are clearly outlined by the Canary government of what employees should receive from their employers. Canada pension plan is one of the mandatory benefits which is deducted from the staff wages. Legislated leave is also mandatory in Canada and includes paid time off and sick leave. Employment insurance is also important but doesn’t include health or medical insurance. For more info., you can click here on this website to learn more .
Supplementary benefits is what is an employee can offer to help attract and retain talent. This is not legally required, however. Medical and health insurance are supplementary options for companies to offer and can include dental care, hospital visits, mental health support, paramedical services, vision care, prescription drugs, and so on. You can also offer life insurance supplementary. Disability insurance is also another supplement that you can offer.
After understanding these options, it is now important to consider the cost of insurance options. You want to take your time to learn more about Maximum insurable earnings because there are calculations. Additionally, it is important to also take a look at the cost of employer health insurance plans. You want to discover more about this because there are very many factors to consider including the size of the company. Additionally, you need to know more about the cost of group life insurance plans. This also the cost of disability insurance.
You might discover that the cost can be very high but there are tips you can follow to keep the cost low. For example, you can share premium cost with employees, build deductibles into the coverage, limit coverage to certain amount and so on.