By Robert J. McKay, Hewitt Associates
This e-book serves as a complete reference on versatile advantages, one of many quickest transforming into layout methods for offering worker merits and reimbursement. Designed for either the amateur and the specialist, it solutions the most commonly asked questions on versatile merits. It covers varied possible choices for the layout of versatile advantages courses, within which parts selection making is mostly brought and the way to degree the associated fee influence of a application. New fabric on pricing and credits constitution, the criminal framework of versatile gain application operations, monetary research and new case stories organize readers for the way forward for versatile advantages.
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Example text
Vacation time usually relates to the employee’s length of service — for example, two weeks off after one year and three weeks after three years, grading up to five or more weeks after twenty years of service. In addition, most companies provide ten to twelve paid holidays per year. CHANGES IN DEMOGRAPHICS The changing demographics of the workforce are well documented. According to the Conference Board of Canada, as baby boomers age, the percentage of people over the age of 65 is expected to increase from 13 per cent in 2005 to 22 per cent by the year 2025.
First, in Ottawa, advance rulings by the Canada Revenue Agency (CRA) on a number of proposed flexible benefit plans enhanced the ability of employers to offer their employees choice. The CRA expanded on these rulings and further clarified the tax issues in 1998 when it issued an Interpretation Bulletin (IT-529) covering Flexible Employee Benefit Programs. Second, developments in automated enrolment and administration systems, and the emergence of outsourcing have made it much easier for employers to administer programs with choices.
The essential difference between that type of choice and the creation of a flexible benefit choice-making program is that with the latter, employees have the opportunity to determine (within certain limits) how employer dollars for benefits are spent on their behalf. Conceptually, a flexible approach recognizes that a certain portion of total compensation will be provided by the employer in the form of employee benefits, but how that pool of funds is spent — in terms of types and levels of benefits — is essentially up to the individual to determine.