Burnaby Group Benefit Plan

Burnaby Group Benefits Plan Advantages

The advantages of providing a Burnaby Group Benefit Plan for your employees:

1. With Burnaby group benefit plan, your employees and their families are protected against financial problems that could result due to unexpected dental and health expenses.
2. Your employees will enjoy tax-free health coverage benefits.
3. You will receive a tax deduction as an employer in all cost associated with the group benefit plan.
4. The employer benefits by providing Burnaby group benefit plan at a fixed cost and the plan is automatically administered by an insurance company.
5. Also, you can provide additional compensation to your valuable employees with Burnaby group benefit plan rather than increasing their taxable salary.

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Burnaby Group Benefits Plan Benefits

Several employee benefits can be provided through a Burnaby group benefit plan. These include:

1. Life Insurance and Spousal/Dependant Coverage
2. Accidental Death and Dismemberment
3. Prescription Drug Coverage
4. Paramedical Coverage (Chiropractors, Therapists, etc.)
5. Group Pension Plans
6. Group RRSP Plans
7. Short Term Disability
8. Long Term Disability
9. Extended Healthcare/Visioncare
10. Dental Coverage
11. Out-Of-Country Emergency Medical (Travel)
12. Critical Illness Insurance

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Burnaby Group Benefits Plan Package

Burnaby employee benefits programs are becoming more complex every day but they are also becoming flexible. Moreover, you may need expert guidance when setting up such a program to ensure you get everything right and also avoid running into growing liabilities and steep costs.

Also, employers in Burnaby can define a competitive benefits program at a low cost by employing the service of a broker or a benefits consultant. The consultants can offer relevant data that would help you to get the best outcome from your benefits investment and you can also obtain expert guidance from them.

Furthermore, it is recommended that you get a minimum of three different proposals in order to get a better outcome and access the value and cost from different perspectives.

To learn more about Burnaby group benefit plan legislation, click here.

Burnaby Group Benefits Plan Savings

When designing the Burnaby employee benefits program, employers leverage several strategies to reduce or limit the costs in the long term. These include:

1. Sharing the cost of premium between the company and the employee.
2. Building deductibles into the coverage.
3. Considering the level of coverage or co-insurance (for example, how many percentages of dental costs does the employer cover?).
4. Limiting the coverage (for instance, setting a cap on vision care over a period of time).
5. Reducing carry-over of unused sick days.

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Burnaby Group Benefit Plan News

The Burnaby’s UBCM is set to vote on three proposed resolutions ahead of September. The resolutions stipulate that the salaries of fewer city employees should be publicized; local politicians should be eligible for government pensions; and duplexes should be allowed in secondary suites.

The Burnaby city council will vote on Monday, March 25, whether to forward the resolutions to UBCM convention in September. During the convention, mayors and councilors will decide whether to endorse the ideas.

The first resolution is to require the finance ministry to change legislation relating to the sunshine lists. Cities are already required to list all employees whose salaries are over $75,000 and suppliers paid over $25,000. The threshold was set in 2002 and since then, inflation has significantly increased resulting in longer lists every year.

795 Burnaby employees made the list in 2017. According to Burnaby staff, these increases place an unlikely reporting burden on local governments. Every local government in British Columbia feels the pressure, mostly in smaller municipalities with lower administrative capacity.

To learn more about Burnaby group benefit plan, click here.