GROUP INSURANCE AND BENEFITS

Serge Reid - Group Insurance and Benefits Advisor Vézina Assurances

Group insurance plan

Most companies offer group insurance to their employees on top of the benefit programs run by the governments of Québec and Canada. This is part of your employee compensation program and could be an important recruitment criterion.

A group insurance program usually includes the following coverage:

  • Employee life insurance
  • Wage loss or disability insurance
  • Complementary health insurance (including drug insurance)
  • Dental insurance

The average cost to the employer is equivalent to 2% to 4% of payroll.

Pension plan

Since January 1, 2017, all employers with more than 20 employees are required to offer an employee retirement savings plan. Several types of plans are available. Employer contributions are optional and responsibility is limited to collecting deductions.