Employee Benefits in Canada Research and Trend

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

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Executive 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, Québec 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

Reasons 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

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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

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