Employee Benefits in Canada

Published: Jun, 2014 | Pages: 54 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights into employee benefits in Canada, including:
An overview of state and compulsory benefits in Canada
Detailed information about private benefits in Canada
Insights into the various central institutions responsible for the administration of the different branches of social security 
The regulatory framework and recent regulations relating to Canadian employee benefits 

Summary
The Canadian social security system covers various programs, many of which are run by the provinces and territories. In general, benefits are similar across all provinces and territories; however, Quebec implements its own pension plan. The government provides financial support to provincial and territorial governments through four main transfer programs - the Canada Health Transfer (CHT), the Canada Social Transfer (CST), and Equalization and Territorial Formula Financing (TFF) - to help them provide social programs and services to citizens. Federal support to provinces and territories increased from CAD41.91 billion (US$40.55 billion) in 2005-2006 to CAD62.3 billion (US$60.29 billion) in 2013-2014. Private employee benefits are gaining popularity, and many companies offer private benefit plans for employees to supplement the government-sponsored hospital and medical plans. 
Scope
This report provides a detailed analysis of employee benefits in Canada:
It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
It covers an exhaustive list of employee benefits, including retirement benefits , death-in-service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment and private benefits
It highlights the economic and regulatory situations relating to employee benefits in Canada 
Reason To Buy
 Make strategic decisions using in-depth information related to Canadian employee benefits
Assess the Canadian employee benefits market, including state and compulsory benefits and private benefits
Gain insights into the key employee benefit schemes offered by private employers in Canada
Gain insights into key regulations governing Canadian employee benefits, and their impact on companies 
Key Highlights
The Canadian social security system covers various programs, many of which are run by the provinces and territories
The Employment and Social Development Canada (ESDC) oversees the Canadian social security system
Employment Standards Legislation sets minimum terms and conditions of employment, and both employers and employees must strictly adhere to them
Private employee benefits in Canada are not uniform, as every province or territory has individual legislation
In Canada, increasing life expectancy is forcing many companies to offer a lump-sum amounts rather than monthly pensions, to keep benefit costs under control

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Cada
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Typical employer practice
6.1.8 Employee and employer contributions
6.1.9 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Typical employer practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Typical employer practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Short-term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.4.7 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Payment options
6.5.5 Typical employer practice
6.5.6 Employee and employer contributions
6.5.7 Taxation
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Unemployment
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Employee and employer contributions
6.9.6 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical and Health Benefits
7.6 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US dollars)
8.1.2 GDP per capita at constant prices (US dollars)
8.1.3 GDP at current prices (US dollars)
8.1.4 GDP per capita at current prices (US dollars)
8.1.5 GDP by key sector
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-CAD
8.1.8 Labor force
8.1.9 Unemployment rate
8.1.10 Total Population
8.1.11 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer


List of Tables
Table 1: Definitions 
Table 2: Cada - Country Statistics 
Table 3: Cadian State and Compulsory Benefits - OAS Pensions and Benefits, April -June 2014 
Table 4: Cadian State and Compulsory Benefits - CPP Pensions and Benefits, January-December 2014 
Table 5: Cadian State and Compulsory Benefits - CPP Survivor Benefits 
Table 6: Monthly Rates of Contributions to Provincial Health Insurance Premiums in British Columbia 
Table 7: Cadian State and Compulsory Benefits - Workmen's Compensation Benefits, 2013 
Table 8: Cadian State and Compulsory Benefits - QPIP Benefits, 2013 
Table 9: Cadian State and Compulsory Benefits - Family Benefits for 2013 and 2014 
Table 10: Cadian State and Compulsory Benefits - Hours of Insurable Employment Required to Qualify