PEI Employee Benefits Program

PEI Employee Benefits Program Advantages

The advantages of providing a Prince Edward Island Group Benefit Plan for your employees

1. Instead of increasing your employees’ taxable salary, you can provide an alternative compensation package to them with the Prince Edward Island group benefit plan.
2. The Prince Edward Island group benefit plan is administered automatically by an insurance company and the employer will benefit by providing the benefits program at a fixed cost.
3. For every cost that involves the group benefit plan, the employer will receive a tax deduction.
4. Both the employees and their family members will be protected against financial issues that could occur due to unexpected dental or health issues.
5. With the Prince Edward Island employee benefits program, your employees will enjoy a tax-free health coverage rather than purchasing the coverage with after-tax money.

To learn more about Prince Edward Island employee benefits program, click here.

PEI Employee Benefits Program Benefits

Employers provide a lot of benefits to their employees through the Prince Edward Island employee benefits program. Such 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

To get an immediate Prince Edward Island employee benefits program quote, click here.

PEI Employee Benefits Program Package

The processes involved in setting up PEI employee benefits packages could be complex; so, employers are expected to seek the help of experienced professionals such as brokers and benefits consultants when setting up Prince Edward Island employee benefits program. The professional will help you to navigate through the processes of setting up the program and prevent issues of growing liabilities and steep cost.

Brokers are hired and paid by their insurance companies and so they may be willing to offer you the service at little or no extra cost. This means that you will get the relevant data you need as well as expert guidance at a minimal cost. This will help you to get the best outcome in your benefits investment. It is best to obtain up to three proposals in order to evaluate the value and cost from several points of views.

To learn more about Prince Edward Island employee benefits program legislation, click here.

PEI Employee Benefits Program Savings

Every business wants to save cost especially when setting up an employee benefits program. To save long-term cost, PEI businesses can take advantage of the following cost-saving means:

1. Capping or placing a limit on the coverage amount (for instance, setting vision care at $400 for a period of time).
2. Adding or including deductibles into the coverage.
3. Sharing the cost of premium between the employer and the employee.
4. Minimizing the carry-over of unused sick days.
5. Considering co-insurance or the level of insurance.

To learn more about Prince Edward Island employee benefits program, click here.

PEI Employee Benefits Program News

The Government of Canada announced a new pilot project on August 20, 2018, that seeks to provide an extra five weeks of employment insurance coverage for some seasonal workers. According to the government’s estimate, about 2,600 employees in PEI will benefit from the program.

Wayne Easter, Malpeque MP, said that the extended benefits are aimed at supporting both seasonal industries and seasonal workers. Easter said that people who do not find the employment insurance system enough that it provides them with an income for their families during the off-season should move out West or somewhere else.

$189 million was allocated for the implementation of the new pilot program. Eligible employees across the province can take advantage of the extra five weeks of EI support. Money is also provided for employment supports such as skill training.

A similar pilot program was canceled by the previous Conservative government in 2012. The CEO of the Tourism Industry Association of PEI, Kevin Mouflier said he has been hearing about the adverse effect of that move for years.

To learn more about Prince Edward Island employee benefits program, click here.