Nunavut Employee Benefits Program

Nunavut Employee Benefits Program Advantages

The advantages of providing a Nunavut Group Benefit Plan for your employees:

1. Your employees and their families will be protected against the financial effects of emergency medical issues as well as unexpected health or dental expenses.
2. Instead of increasing your employees’ taxable salary, you may rather provide additional compensation to them with Nunavut employee benefits program.
3. Nunavut employee benefits program provides an easy way to purchase tax-free health insurance coverage.
4. In every cost associated with the group benefit plan, the employer will receive a tax deduction.
5. The Nunavut group benefit plan is administered automatically by an insurance company and the employer will enjoy a benefit by offering the plan at a fixed cost to the employees.

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Nunavut Employee Benefits Program Benefits

Employers offer several benefits to their employees through the Nunavut employee benefits program. Some of these benefits are given as follows:

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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Nunavut Employee Benefits Program Package

Due to the complexity involved in setting up Nunavut employee benefits program, employers are advised to take advantage of the help of experienced professionals such as brokers to make it easier for themselves. A professional will help you to prevent issues of growing liabilities and avoid running into steep costs.

The broker or benefits consultant is paid by the insurance company and will be able to offer you the service at little or no cost. You can obtain expert guidance and relevant data that will give you the best outcome from the professional. It is also important to get at least three proposals from different brokers in order to ensure you are going for the best. This will help you to access the value and cost even before you dive in.

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Nunavut Employee Benefits Program Savings

It is very important to factor in cost-saving measures when setting up Nunavut group benefits plan. This will help you to save cost in the long-term and come up with a robust benefits program. Few of the cost-saving measures are as follows:

1. Considering the level of insurance or co-insurance.
2. Placing a cap or limiting the amount of coverage (for instance, capping vision care at $400 for a period of time).
3. Adding deductibles into the insurance policy.
4. Minimizing carry-over of unused sick days.
5. Sharing the cost of premium between the employer and the employees.

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Nunavut Employee Benefits Program News

The Government of Canada announced changes to the Employment Insurance (EI) program in Nunavut, Yukon, and Northwest Territories on February 18, 2014. As a result of this, as of October 2014, the Government removed the 25 percent unemployment rate and calculates benefits under the EI program using the actual unemployment rate in the territories, just as it is in other parts of the country.

Furthermore, the Canadian government understands that opportunities and jobs differ a lot between the capital regions of Yellowknife, Iqaluit, and Whitehorse, as well as more remote regions of the territory.

As of October 12, 2014, each of the territories was divided into two EI regions rather than one. An EI region will comprise the capital area of each territory and the other region will comprise the other part of the territory.

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