A Guide to Creating the Best Employee Insurance Benefits Package in Canada
Employee is one of the best resources a company can invest in because they can actually determine your success or 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. You can decide to go for the traditional benefits plans but there are flexible options that you can actually consider. If you are thinking of attracting and retaining some of the best workers, then you need to create a very good employee insurance benefits plan. Discussed more below are some helpful tips for creating the best employee insurance benefits package in Canada.
You need to begin by understanding the different types of employee benefits. As you take your time to learn more , you’ll discover that there are two categories which include mandatory employee benefits and supplementary benefits. The Canary government has all benefits outlined on what employers should consistently offer their employees. 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. Another mandatory benefit is the employment insurance which is not medical or health insurance. this website offers more details about the mandatory options.
Supplementary benefits on their hand, are important for companies that want to attract and retain the best talent. They are not legally required. You can decide to offer medical and health insurance which can cover mental health, paramedical services, hospital visits, vision care, dental care, 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. Insurable earnings is one of the important areas you might want to discover more about. Another thing you cannot ignore is looking 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. It is also wise of you to take your time to discover more about the cost of group life insurance plans. As you read more on other factors, also consider 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. You can consider options like limiting coverage is certain amount, you deductibles into the coverage share premium cost with employees and so on.