This Will Fundamentally Change the Way You Look at Employee Benefits in Canada
Isn’t it amazing that you get a number of additional benefits over and above your minimum wages from your employer? Yes, this happens in Canada.
Getting a job is amazing but getting additional benefits is just like a cherry on the cake. When you shift to Canada and find your first job, you might be astonished to realize that your employer will typically offer you numerous benefits in addition to your wage.
While some employers only offer you a minimum of what they need to provide like holidays, your compensation, and Canadian Pension, some of them will offer you extra health care perks, travel perks, mobile phone bills, and retirement savings plans.
While every employer is not the same, and the rules and laws also differ in each different province, we have assembled a brief but really convenient guide that will help you to know about the employee benefits in Canada.
Now, the question arises- Why these Employee Benefits are provided by employers?
The answer is quite simple – they are made compulsory by the law. Also, some employers have come to the realization that offering their employees some additional benefits can really help their industries and establishments in the long run.
Employees, who are given health benefits, are better and overall health. This means that they should be able to do many efficient and effective jobs.
That said, there are some less common employee benefits, like giving extra holidays, health savings plans, and discounts on memberships of the gym, which can ensure that their workers are stress free and contribute more to business.
What are some Legal Employee Benefits?
Given below are the employee benefits which are entitled to the Canadians working on a full-time job. Contractors, freelancers, or those working part-time, are not eligible for these benefits.
Legislated Employee Benefits in Ontario
- Employment Insurance– Contributed by both Employer and Employee
- Canada Pension Plan - Contributed by both Employer and Employee
- Workplace Insurance coverage – Contributed by Employer
How many paid Vacation days are provided?
Including all the above employee benefits, an employee is also entitled to a minimum of 10 paid vacation days each year (in Saskatchewan, it is 15), with an extra 9 paid statutory holidays each year. If you are needed to work on a statutory holiday, you will be given an extra day off for that.
Are there any Additional Employee Benefits?
To attract the best talent and to retain them, many employers offer employees more benefits.
Some employers offer:
- Discounted memberships of gym
- Competitions with rewarding prizes
- Extensive health benefits
- Transportation grant
- Vehicle for work
- Free of cost childcare
- Flexible working hours
- Mobile & Cell Services Plan
- Yearly Holiday Parties
- Yearly financial bonuses
- Health and savings plans
- Added educational opportunities
What are the various Extended Health Benefits?
Extended health care coverage can be very beneficial for you and your family’s health. These plans include some extras, like vision care, massage, dental care, acupuncture, prescription coverage, counselling sessions, and various kinds of specialists.
Some Taxable employee benefits as per the Canadian Revenue Agency (CRA) that the employer is needed to compute the value correctly of and make the accurate payroll deductions when making your annual T4 slip are-
- Company’s mobile phones
- Travel passes or cards
- Company’s cars
- Free accommodation
Some Unique and Creative Employee Benefits-
Trust me it’s completely fun to check out the employee benefits given in these companies-
- Free fitness classes by Reebok
- Lounge cum nap room for employees to relax by Cameco.
- Molson Coors Canada and In-house brewery offer to taste to the employees.
- Every weekday, Google gives a free balanced and healthy breakfast, lunch, and dinner.
- Airbnb offers their employees a whopping amount of $2,000 as a travel allowance per year so that their employees can also experience the life that they offer to others.
- Unlimited vacations offered by Virgin’s Richard Branson to the employees at the top level of the corporate chain.
Now, after reading this if your expectations are still not set high, then we don’t know what will!