The report provides in-depth industry analysis, information, and insights of the 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.
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 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.
Key Highlights
- The Employment and Social Development Canada (ESDC) is responsible for the functioning of the overall social security system in Canada.
- 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, Pillar III consists of voluntary employment pension plans and individual retirement savings. The employment pension plans are provided as both DB and DC schemes in the country.
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, Short-Term Sickness Benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, 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
1. Executive Summary3. Country Statistics4. Overview of Employee Benefits in Canada5. Regulations
2. Introduction
6. State and Compulsory Benefits
7. Private Benefits
List of Tables
