Newfoundland and Labrador Employee Benefits Program

NL Employee Benefits Program Advantages

1. The employer can benefit from the tax deduction that could apply to all the costs associated with the Newfoundland and Labrador employee benefits program.
2. The Newfoundland and Labrador group benefit plan allows you to provide additional compensation to your employees rather than increasing their taxable salary.
3. The group benefit plan is an interesting way to protect your employees and their family members from financial issues that could result from unexpected health or dental expenses.
4. You could provide tax-free health coverage to your employees with the Newfoundland and Labrador employee benefits program.
5. The group benefit plan is automatically administered by an insurance company and the employer will enjoy by providing the benefits program at a fixed cost.

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NL Employee Benefits Program Benefits

Newfoundland and Labrador employers provide several benefits to their employees through the employee benefits program. Some of these benefits are 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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NL Employee Benefits Program Package

It is recommended for employers to seek the help of an experienced professional when setting up a Newfoundland and Labrador employee benefits program. This will help you to navigate the process of setting up such a program and avoid the problem of growing liabilities and steep cost that could hitherto arise.

The service of benefits consultants or brokers is highly needed. Brokers could help you to obtain relevant data and expert guidance for the best outcome in your benefits investment. The broker will be paid by the insurance company and so you can get the service at little or no additional cost.

Usually, you will be better off if you get proposals from at least three brokers in order to access the value and costs from different points of view in order to get a better outcome.

To learn more about Newfoundland and Labrador employee benefits program legislation, click here.

NL Employee Benefits Program Savings

Newfoundland and Labrador employers use several strategies to reduce cost when setting up an employee benefits plan in the province. This is a measure to reduce long-term cost and can be achieved in the following ways:

1. Considering the level of coverage or co-insurance
2. Adding deductibles into the insurance coverage.
3. Sharing the premium cost between the employer and the employee.
4. Placing a cap or a limit on the coverage amount.
5. Minimizing the carry-over of unused sick days.

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NL Employee Benefits Program News

The Government of Newfoundland and Labrador will freeze wages and cut severance for its non-union employees. The changes are similar to the recently implemented collective agreements made with the Newfoundland and Labrador Association of Public and Private Employees. They come under the new Salary Restraint and Extinguishment of Severance Pay Act.

The changes include the elimination of severance. Employees with a minimum of one year of continuous service are paid from one week’s to 20 weeks’ wages. This depends on the service. The second wage involves a wage freeze that will expire on March 31, 2020. This is in line with the collective agreement with NAPE.

Furthermore, the government is set to amend its Other Post-Engagement Benefits Eligibility Modification Act established in new rules that relate to benefits for employees employed after June 1, 2018.

The changes include changes to group insurance entitlements and a sliding scale to calculate premiums at retirement. The act had the first readings on May 24, 2018.

To learn more about Newfoundland and Labrador employee benefits program, click here.