Employee Benefits in Canada, 2022 Update – Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Pages: 52 Published: April 14, 2022 Report Code: GDEB1103MR

The Canadian social security system covers various programs, many of which are run by the country’s provinces and territories. In general, benefits are similar across all provinces and territories; however, Quebec implements its 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. Private employee benefits are gaining popularity, and many companies offer private benefit plans for employees to supplement the government-sponsored hospital and medical plans.

Canada employee benefits market research report is the result of extensive research into the social security and private employee benefits in Canada It provides insights into the wide range of employee benefits such as retirement benefits, long-term and short-term sickness benefits, and medical benefits as well as other state and private benefits offered by employers in Canada the primary sources used for gathering the information in this report were Canada Revenue Agency and Service Canada.

Major State and Compulsory Benefits in the Canada Employee Benefits Market

Major state and compulsory benefits in the Canada employee benefits market include retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, worker’s compensation insurance, maternity and paternity benefits, and other benefits.

Retirement Benefits in the Canada Employee Benefits Market

Retirement benefits are employee benefits paid to the employee upon retirement, resignation, and retrenchment by their current or former employer. The Canadian pension system consists of three pillars:

Pillar I: Mandatory universal and social assistance pension defined benefit (DB) schemes for means-tested individuals. The pension schemes involve a Canada Pension Plan (CPP), old-age security (OAS) scheme, a guaranteed income supplement (GIS), Guaranteed Annual Income System (GAINS), and allowance (ALW)

Pillar II: Mandatory social insurance contributory pension scheme based on defined benefit (DB) plans. The pension schemes include Registered Pension Plan and Retirement Savings Plan,

Pillar III: Voluntary occupational pension plans are based on defined contribution (DC) schemes for individuals. The pension schemes include Registered Retirement Savings Plans (RRSPs), Private Savings (registered retirement pension plans), and Tax-free Savings Accounts (TFSAs)

Short-Term Sickness Benefits in the Canada Employee Benefits Market

EI provides sickness benefits to Canadians whose illness, injury, or quarantine forbids them from working. The EI program offers temporary financial help to persons upon meet specific requirements. Self-employed Canadians can also get access to EI special benefits (maternity, parental, sickness, compassionate care, and parents of critically ill children benefits) by registering with the Canada Employment Insurance Commission. ESDC is responsible for EI benefits while Service Canada sees to it that the program is delivered efficiently.

Medical Benefits in the Canada Employee Benefits Market

In Canada, the publicly funded healthcare system is known as Medicare. Health Canada is the federal department that governs the healthcare system in the country. The federal government sets healthcare standards across the country based on the Canada Health Act, under which the 10 provinces and three territories play key roles in providing access to universal, comprehensive cover for hospital and physician services. The concerned provincial ministry of health issues provincial healthcare cards to citizens, through which they can access free healthcare. Medicare is usually offered through taxes, but some provinces or territories charge a premium for providing the benefits.

Worker’s Compensation Insurance in the Canada Employee Benefits Market

The Workmen’s Compensation Act of Ontario of 1914 was the first modern social-security program in the country that offered regular income to injured workers. No-fault compensation, the security of benefits, collective liability, independent administration, and exclusive jurisdiction are the five basic concepts of workers’ compensation legislation in Canada. Every province and territory in Canada has its own Workers’ Compensation Board/Commission (WCB). However, Northwest Territories and Nunavut have a joint WCB. Provincial WCBs help injured workers return to work while providing loss of earnings benefits and health care coverage in the event of work-related injuries and occupational diseases.

For more insights on each of the state and compulsory benefits, download a free sample report

Major Private Benefits in the Canada Employee Benefits Market

  • Retirement Benefits
  • Death Benefits
  • Disability Benefits
  • Medical Benefits
  • Accidental Dismemberment Benefits

For more insights on each of the private benefits, download a free sample report

Market report overview

Major State and Compulsory Benefits Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Worker’s Compensation Insurance, Maternity and Paternity Benefits, And Other Benefits
Major Private Benefits Retirement Benefits, Death Benefits, Disability Benefits, Medical Benefits, and Accidental Dismemberment Benefits

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, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays 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 employee benefits in the country
  • Assess employee benefits of the market, including state and compulsory benefits and private benefits
  • Gain insights into the key employee benefit schemes offered by private employers in the country
  • Gain insights into key organizations governing employee benefits market, and their impact on companies

Table of Contents

Table of Contents

1. Executive Summary

2. Introduction

2.1 What is this Report about?

2.2 Definitions

3. Country Statistics

4. Overview of Employee Benefits in Canada

5. Regulations

6. State and Compulsory Benefits

6.1 Retirement Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.2 Death in Service

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.3 Long-Term Disability Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.4 Short-Term Sickness Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.5 Medical Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.6 Workers’ Compensation insurance

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.7 Maternity and Paternity Benefits

– Introduction

– Eligibility

– Benefits

– Payment options

– Contribution

6.8 Other Benefits

– Family Benefits

– Unemployment benefits

– Leaves and Holidays

7. Private Benefits

7.1 Retirement Benefits

7.2 Death Benefits

7.3 Disability Benefits

7.4 Medical Benefits

7.5 Accidental and Dismemberment Benefits

7.6 Other Benefits

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List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Canada – Country Statistics, 2020

Table 3: Canada – Monthly maximum OAS deferred pension 2022

Table 4: Canada – Monthly maximum Guaranteed Income Supplement benefits 2022

Table 5: Canada – State and Compulsory Workmen’s Compensation Benefits 2022

Table 6: Canada – State and Compulsory QPIP Benefits for a child born on and after January 1, 2021,

Table 7: Canada – State and Compulsory Benefits & Number of Variable Best Weeks calculation rates 2022

Table 8: Canada – Notice Period, 2022

Table 9: Canada – Fixed National and Public Holidays 2022

Frequently Asked Questions

The major state and compulsory benefits in the Canada employee benefits market are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, worker’s compensation insurance, maternity and paternity benefits, and other benefits.

The major private benefits in the Canada employee benefits market are retirement benefits, death benefits, disability benefits, medical benefits, and accidental dismemberment benefits.

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