Pension & Benefit Plans

PENSION & BENEFIT PLANS

Today;

-

FEBRUARY 16, 2011

Government benefit plans

Group life insurance

Short term disability

Sick leave plans

WORKERS COMPENSATION



Provincially administered



Benefits paid only for job related illness/injury



Employer pays 100% of premium to WCB



Employee receives 100% of benefit



Premium levels based on;

1. Type of industry

Experience rating, which includes;

2. Number of lost time accidents in the last 12 months

3. How long employees are off of work

A lost time accident is one that requires a worker to receive medical treatment

and necessitates missing a shift or day.

Premiums  Pool of dollars  Employee benefits

The longer an employee is collecting benefits, it is draining the pool.

Examples of industry groups or classifications;

1.

Pharmacies

$0.52 per $100 employee earnings up to $72,000 per year.

For example; $0.52 x $72,000/$100 = $375 per employee at that

income level per year.

2. Roofing

$12.98 per $100 employee earnings up to $72,000 per year.

For example; $12.98 x $72,000/$100 = $9,320 per employee at that

income level per year.

With claim costs like this, accident prevention is key. With more time

that employees miss and with a greater number of claims, the

premiums increase for the next year.



In terms of type of industry, ensure that your employer is classified

appropriately by the Workers Compensation Board. The premiums

can be adjusted based on classification or sub-classification.



Workers compensation boards classify businesses at the time they

begin, but businesses change over time. If businesses change

substantially, they can become misclassified.

BENEFITS:

Premiums are paid by employers, and the largest portion of the premium goes to replacement

income. Small proportions of the premium are used to cover medical, surgical, hospital, drugs,

etc which are related to the injury. These are paid by...