Does the company for which you would like to work or where you are currently
employed offer a flexible approach to benefits? This exercise will help
you determine how you would like to spend the percentage of your salary
that is designated for benefits, including legally required benefits.
Assume that you live in Ontario and have accepted a job that pays $60,000,
based on a 40-hour workweek. This salary means you will have about $25,200
in benefits accruing. Included in this amount are mandatory benefits totaling
$7,574. This leaves you with just over $17,626 with which to purchase
your choice of such benefits as dental care or club membership. You can
mix and match the different benefits offered under Benefit Selections.
You can select income in lieu of benefits provided they do not contravene
the Employment Standards Act minimum vacation and statutory vacation requirements.
You must be aware of the Revenue Canada rules that apply when making a
choice. Because group benefits are purchased as a group, you will not
be able to purchase the same value of benefit outside this group arrangement.
| |
BENEFIT SELECTIONS |
|
| Benefit |
Options |
Total Value |
SHORTENED WORK DAY
@ 28.85 per hour |
# of hours = _____ # of Days = _____ $28.85 = |
|
SHORTENED WORK WEEK
@ 230.80 per day |
# of Days = _____ $230.80 = |
|
| |
|
|
STATUTORY HOLIDAYS
@ 230.80 per day |
STATUTORY HOLIDAYS
@ 230.80 per day Select up to Ten Days Min. and 14 Days Max.
List of choices and dates:_________________
____________________________________
____________________________________
____________________________________ |
|
| |
10 days legally required $230.80 =
Total # of days excessive of legal min.____ $230.80= |
2308.00 |
| |
|
|
VACATION WEEKS
@ 1154 per week |
Select up to two weeks min.
2 Weeks legally required
Extra weeks requested $1154.00 |
2308.00 |
| |
|
|
MEDICAL
COVERAGE |
Select One Option: |
|
| Plan A: No Coverage |
@
$ 0
per year = |
| Plan B: Weak Coverage (Individual) |
@
$ 400
per year = |
| Plan C: Weak Coverage (Family) |
@
$ 800
per year = |
| Plan D: Strong Coverage (Individual) |
@
$ 650
per year = |
| Plan E: Strong Coverage (Family) |
@
$1600
per year = |
| |
|
|
DENTAL
COVERAGE |
Select One Option: |
|
| Plan A: No Coverage |
@
$ 0
per year = |
| Plan B: Weak Coverage (Individual) |
@
$ 200
per year = |
| Plan C: Strong Coverage (Family) |
@
$ 600
per year = |
DISABILITY
COVERAGE |
Select One Option: |
|
| Plan A: No Coverage |
@
$ 0
per year = |
| Plan B: Weak (Short term only) |
@
$ 600
per year = |
| Plan C: Strong (Short and Long Term) |
@
$1200
per year = |
LIFE
INSURANCE |
Select One Option: |
|
| Plan A: No Coverage |
@
$ 0
per year = |
| Plan B: Weak Coverage (2 x salary) |
@
$ 400
per year = |
| Plan C: Strong Coverage (4 x salary) |
@
$ 800
per year = |
| PENSION |
Select One Option: |
|
| Plan A: No Coverage |
@
$ 0
per year = |
| Plan B: Weak Contribution (3% Salary) |
@
$1800
per year = |
| Plan C: Strong Contribution (8% Salary) |
@
$4800
per year = |
| |
EDUCATIONAL
REIMBURSEMENT |
Select One Option: |
|
| Plan A: No Reimbursement |
@
$ 0
per year = |
| Plan B: Weak Reimbursement (50%) |
@
$1000
per year = |
| Plan C: Strong Reimbursement (100%) |
@
$5000
per year =
|
| |
CHILD/ELDER
CARE |
|
Select One Option: |
| @ $ 0 per year = |
Plan A: No Care |
| @ $2000 per year = |
Plan B: Half Day |
| @ $4000 per year = |
Plan C: Full Day Care |
| |
| PERKS A |
Select One Option: |
|
| Plan A: No Perks |
@
$ 0
per year = |
Plan B: 10 Box Tickets to Sports or
Theatre, Opera or Symphony |
@
$ 250
per year = |
| Plan C: Sports, Social, or Recreational |
@
$1500
per year = |
PERSONAL
SERVICES |
Select One Option: |
|
| Plan A: No Services |
@
$ 0
per year = |
| Plan B: Financial Planning |
@
$ 500
per year = |
Plan C: Financial Planning,
Legal Assistance |
@
$1500
per year = |
| |
| BONUS |
$10,000 less Employment Standards
Minimum Vacations and Statutory
Vacations |
|
SUBTOTAL
LEGALLY REQUIRED |
|
|
| CONTRIBUTIONS |
CPP |
$1911 |
| UIC |
$ 730 |
| WORKERS COMPENSATION |
$ 200 |
| HEALTH INSURANCE |
$ 117 |
| |
Total Mandatory Benefits |
$2958 |
| Including Vacation Requirements |
$4616 |
| TOTAL BENEFITS |
|
$25,200 |
