We all have heard that Canada is one of the best countries to stay. But, what are the reasons behind it? The reason is that the citizens of any other person who steps in this country are impeccably taken care of. And when it lands to take care of the employees, there is no uncovered area. Employee benefits offer innumerable benefits to the employees in Canada. And some of them are mandatory as well. This guide will take you through all the significant advantages in Canada and highlight the ones that may appeal to you most based on your situation.
Every Canadian employee, as well as the employer, receives the mandatory employee benefit of pension. This is under the Canadian Pension Plan, and this was propagated and brought under implementation on 1st January 2020. The employers and employees contribute around 5.25% up to Years Maximum Pensionable Earnings.
• Paid time off
Another benefit is that the employers and the employee receive maternal and paternal leaves. Parental leaves are made available for them as and when the need arises. For a period, which is a maximum of 15 weeks, mothers receive maternity pay. And that is for a period as long as 35 weeks. This benefit is available for surrogate mothers as well. And leaves are available for both biological and adoptive parents.
• Eye Exams
Eye Exams form a part of the extended health benefits. It is available every 24 months for adults and every 12 months for children below 18 years. There is a distinctive sphere for vision benefits as well. It integrates lenses and eyeglasses for C250 every 24 months, customarily available.
• Leaves according to the legislature
Canada offers the maximum number of legislative leaves. The Employment Insurance benefits offer these legislative leaves. Additionally, they are job-protected.
• Employment Insurance
Under the employment insurance benefit, an employee can receive up to C$573 per week. And the period has a maximum range of 14 to 45 weeks. One is entitled to employment insurance in situations of maternity, compassionate care leaves, sickness, and lastly, parental leaves as well.
• Medical Coverage
Every province and territory offers a primary health insurance plan for residents. These plans cover doctor’s visits, hospital stays, prescription drugs, and more.
There are also other options available for those who do not have medical coverage through their employers or provincial/territorial programs. Many people have private medical coverage through a policy purchased from an insurance company.
• Childcare savings plans
A flexible and straightforward way to save for childcare is through a Registered Education Savings Plan (RESP). When you set up an RESP, you choose an investment portfolio, either one that includes government securities or mutual funds. The money you put into your RESP will grow tax-free until it’s used to pay for your child’s education.