Oshawa Group Benefit Plan

Oshawa Group Benefits Plan Advantages

Advantages of Providing an Oshawa Group Benefit Plan for your employees

1. The employer benefits by providing Oshawa employee benefits program at a fixed cost.
2. The group benefits plan protects your workers and their families in the event of unexpected or emergency medical expenses.
3. You can offer tax-free health coverage benefit to your employees by leveraging Oshawa group benefit plan.
4. The employer will get a tax deduction in every cost associated with the Oshawa group benefit plan.
5. You can provide compensation to your employees through the Oshawa group benefit plan instead of increasing their taxable salary.

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Oshawa Group Benefits Plan Benefits

Employers provide a number of benefits and features to their employees by offering them an Oshawa group benefit plan. These benefits include the following:

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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Oshawa Group Benefits Plan Package

When setting up an Oshawa employee benefits program, it is extremely important to get the help of an experienced professional. This will save you from worrying about the complexity of the procedures and you will avoid running into the problems of increasing liabilities and steep costs.

The service of brokers and/or benefits consultants may also come handy. The broker will be paid by the insurance company, saving you the cost and helping you to obtain relevant data and expert guidance at little or no cost. This will be relevant to obtain the best outcome from your benefits investment.

It is usually recommended to obtain up to three different proposals to get a better outcome and to access the costs and value from various perspectives.

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

Oshawa Group Benefits Plan Savings

When creating the Oshawa employee benefits program, employers may leverage a number of strategies to contain or minimize costs in the long term. These may include:

1. Adding deductibles to your coverage.
2. Considering the level of insurance coverage or co-insurance.
3. Sharing the cost of premium between the employee and the company.
4. Placing a cap or limit on the coverage (for instance, capping vision care at $400 for a period of time).
5. Reducing carry-over of unused sick days.

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Oshawa Group Benefit Plan News

General Motors of Canada is setting up training programs and jobs for employees that would be affected by the closure of the Oshawa Assembly plant despite the fact that Unifor promises to keep the operation open for a longer time.

Under GM’s defined benefit pension plan, the company estimates that about 50% of its unionized and salaried employees will be eligible for retirement. This leaves about 1,500 employees who will want to move on to new jobs.

The vice-president of General Motors Canada, David Paterson said the company is committed to spending millions of dollars to make sure that its employees obtain the retraining they need. Initially, the company has an estimate of about $5 million to $10 million but the actual amount will depend on what other companies are offering.

Paterson said that they want to assure employees that their training is catered for and they will make sure that there is enough money for that.

To learn more about the Oshawa group benefit plan, click here.