Employee Benefits in Canada 2021

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 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.

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 credited contribution.

– In Canada, employers provide voluntary retirement benefits to their employees through voluntary defined contribution and defined benefit pension plan.

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 Canada.

– Assess Canada’s employee benefits market, including state and compulsory benefits and private benefits.

– Gain insights into the key employee benefit schemes offered by private employers in Canada.

– 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

– Contributions

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

Table 3: Canada – Monthly maximum OAS deferred pension 2021

Table 4: Canada – Monthly maximum Guaranteed Income Supplement benefits 2021

Table 5: Canada – State and Compulsory Workmen's Compensation Benefits 2021

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 2021

Table 8: Canada – Fixed National and Public Holidays 2021

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