This is an article written by and featuring some of my associates in the business and part of CGIB. They raise great points but the underlying message to staff should be… Fraud is stealing from your employer!
As a result, smaller employers might even be tempted to fire an incapacitated employee faced with the prospect of extended disability. But in trying to keep their business afloat, they might stumble into a legal quagmire. So, if firing seems like the only viable option, advise your clients to first consult with a lawyer.
Fraser Group’s report shows that total revenues generated by the group insurance industry in Canada in 2016 increased 4.7 per cent compared to 2015, (when they reached $38.6 billion). He points out that group insurance revenue growth in 2016 was higher than that of gross domestic product. Real GDP growth (excluding inflation) was 1.5 per cent.
Fraser says costly medications have driven revenue growth for group insurers in Canada over the past two years. “The major driver of growth nationally in both years was medical benefits (drugs and extended health care services).” Revenues from medical benefits increased 4.8 per cent in 2016 and 5.5 per cent in 2015, he said.
As part of the 30th anniversary of the Pay Equity Act (Act), the Pay Equity Office has implemented several new initiatives in 2017 in support of its mandate to administer and enforce the Act. These initiatives, coupled with pending legislative changes under Bill 148, present significant changes and potential risks to employers across the province.
The purpose of this FTR Now is to consider the pay equity risks posed by Bill 148, to raise awareness of the new Pay Equity Office initiatives and to review the pay equity challenges that currently face Ontario employers.
It has been a busy period for changes to public drug programs in Ontario, as the provincial government has been working on policies with the potential to offer savings to private benefits plans: pharmacare coverage for people under the age of 25 and upgrades to the Trillium drug program for people with high drug costs. What are the possible impacts on plan sponsors?
Employers reap many benefits from employee vacations, says Lisa Taylor, president of Challenge Factory Inc., a human resources consultancy firm in Toronto. “Having a break and being able to change routine encourages creativity. It gives people the opportunity to see what’s happening from a distance and get a different perspective.”
A major Ontario labour reform bill is being tweaked but so far is seeing no significant changes to key parts, including a controversial phase-in of a $15 minimum wage, leaving concerned businesses looking to a relief package promised by the premier.
There will be another chance to make changes to the bill, after second reading expected next month, and business groups say they’ll continue to press for amendments.
The irony of pensions and benefits is that employees tend to ignore them until they need them or until their employer changes them. And whether it’s good news or bad news, there are almost always trade-offs.
Changing pensions or benefits can be a tough sell to employees. When employers say “change,” employees often hear “change for the worse” and are likely to react defensively. So what can plan sponsors do to ease employees’ anxiety and help ensure the change goes smoothly?