Group insurance and benefits
Most companies offer group insurance to their employees on top of the benefit programs run by the governments of Québec and Canada.
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.
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.
Serge Reid – Group Insurance and Benefits Advisor Vézina Assurances