Protecting the Population With Employee Benefits in Kamloops
There are over 100,00 residents in the Kamloops area, and close to half of the residents are employed by local businesses. Some of the more established firms are over a century old, with healthcare, technology and retail being just a few of the industries flourishing in the region. Economic conditions and post-secondary institutions help Kamloops retain highly qualified citizens for the labour market, and strong employee benefits in Kamloops businesses can also attract and retain an exceptional labour pool.
There is a diverse economic base in the area, with many sectors helping facilitate steady growth. The area has seen an increase in the number of individuals working from home, raising concerns amongst business owners about company morale, compliance and productivity. Strong employee benefits can help, but it can be difficult for business owners to balance their budgets and still provide competitive benefits packages. This is where HUB International can help.
Offering Employee Benefits in Kamloops
Operating in the Kamloops area means your business is subject to providing the employee benefits mandated by Canadian law. Required benefits include:
- Pension
- Parental and legislated leaves
- Employment insurance
- Eye exams
- Paid time off
The average Canadian employee ranks benefits in this order of importance: disability, retirement, death and wellness programmes. Although the benefits required by law don’t cover these completely, supplemental packages can add coverage in these areas.
Supplemental benefits could include gym memberships, healthcare, healthcare spending accounts, retirement investments or other voluntary benefits. HUB International knows what you need to remain compliant with the law, and our experienced brokers also understand what your employees want and how your business can meet those demands.
Compliance Requirements for Employee Benefits in Kamloops
The government mandates five areas of benefits to be included in your benefits packages, and in most cases, the law also requires employees to join the plans you present. By developing a package that complies with the law and also meets the needs of your employees, you can improve morale, retain quality employees and avoid steep penalties.
Canadian Pension Plan
The CPP is a mandatory savings plan for employed Canadians, though there are a few exceptions. There are minimum and maximum contribution thresholds, but you have a choice in plans that have low investment fees, use the best technology and provide a diverse investment platform.
Legislated Leaves
Canada requires job-protected leaves, with the specifics based on provincial mandates. These are typically granted for maternal or paternal leave.
Employment Insurance
This insurance provides a benefit level of around 55% of the individual’s weekly earnings, though there is a cap on the earnings amount. Eligibility for this income replacement could occur with compassionate care leave, parental leave, maternity or sickness.
Eye Exams
The law requires these exams at reasonable or customary evaluation periods of every two years for adults and every year for those under the age of 18. This is not the same as vision benefits, which often include eyeglasses or contact lens purchases.
Supplementary Options for Employee Benefits in Kamloops
For your business to remain competitive, you want to bring the best talent on board. A compelling benefits package can do this, and HUB International can help you craft a unique plan for your needs. Some of the supplementary options to consider address additional healthcare coverage, lifestyle or personal goals and financial freedom. Allow your employees to choose from voluntary options like dental care, accident insurance, life insurance or retirement savings.