Canada Statutory and Private Employee Benefits, 2023 Update

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Canada Statutory and Private Employee Benefits Market Overview

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.

The Canada employee benefits market research report provides in-depth industry analysis, information, and insights into employee benefits in Canada, including an overview of the state and compulsory benefits in Canada, detailed information about the private benefits in Canada, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Canada.

Regulations Guiding Employee Benefits Market in Canada

Some of the key regulations guiding the employee benefits market in Canada are the Canada Labor Code, 1985, Pension Act, 1985, Immigration and Refugee Protection Act, 2001, and Workplace Safety and Insurance Act, 1997.

Canada Employee Benefits Market Segmentation by State and Compulsory Benefits

The key state and compulsory benefits offered by employers in Canada are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.

Medical Benefits: 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.

Short-Term Sickness Benefits: 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 meeting 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.

Canada Employee Benefits Market Segmentation by Private Benefits

The key private benefits offered by employers ain Canada are retirement benefits, death benefits, medical benefits, disability benefits, accidental death and dismemberment benefits, and other benefits.

Death Benefits: Canadian employers provide group life policies to employees at a reduced rate in which the premium price usually does not increase with time. However, packaged plans are gaining popularity in Canada. Coverage under such plans varies at a provincial level. The death benefit is provided as a standalone product under life insurance policies, and workers’ compensation plans, and as an add-on benefit under medical policies.

Medical Benefits: Voluntary medical plans in Canada generally include health spending and wellness accounts. These are employer-sponsored plans that cover the additional cost of treatment not covered under state health plans. Packaged plans are gaining popularity in Canada, which include one plan for medical, death, accident, disability, death, and dismemberment. Coverage under the plan changes from province to province, but generally, it includes all the coverage mentioned above.

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Canada Statutory and Private Employee Benefits Market Report Overview

Key Regulations The Canada Labor Code, 1985, Pension Act, 1985, Immigration and Refugee Protection Act, 2001, and Workplace Safety and Insurance Act, 1997
Key State and Compulsory Benefits Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Workers’ Compensation Insurance, Maternity and Paternity Benefits, and Other Benefits
Key Private Benefits Retirement Benefits, Death Benefits, Medical Benefits, Disability Benefits, Accidental Death and Dismemberment Benefits, and Other 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 benefits, Long-term care benefits, leaves and holidays, and private benefits.
  • It highlights the economic and regulatory situations relating to employee benefits in Canada.

Key Highlights

• The Employment and Social Development Canada (ESDC) is responsible for the functioning of the overall social security system.

• A person’s national insurance contribution is determined based on their income.

• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution.

• In Canada, employers provide voluntary retirement benefits to their employees through Pooled Registered Pension Plans (PRPP), Group Registered Retirement Savings Plans, Voluntary Retirement Savings Plan (VRSP) and Deferred profit-sharing plans.

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 the employee benefits market, and their impact on companies.

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
  • – Long-Term Care benefits
  • – Minimum Resources Benefits
  • – Unemployment Benefits
  • – Leave and Holidays

  • 7. Private Benefits
  • 7.1 Retirement Benefits
  • 7.2 Death Benefits
  • 7.3 Medical Benefits
  • 7.4 Disability Benefits
  • 7.5 Accidental Death and Dismemberment Benefits
  • 7.6 Other Benefits
  • 8. About GlobalData

Table

Table 1: Insurance Industry Definitions

Table 2: Canada – Country Statistics, 2022

Table 3: Canada – Monthly maximum OAS deferred pension 2023

Table 4: Canada – Monthly maximum Guaranteed Income Supplement benefits 2023

Table 5: Canada – State and Compulsory Workmen’s Compensation Benefits 2023

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 and Number of Variable Best Weeks Calculation Rates 2023

Table 8: Canada – Notice Period, 2023

Table 9: Canada – Fixed National and Public Holidays 2023

Frequently asked questions

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