The benefits of group benefits




By Ivan Vazquez

For those of us who are fortunate to have an employer who provides group benefits, the advantages are evident.

Having group benefits offered by your employer provides us with peace of mind about the possibility of unexpected health-care expenses such as prescription drugs, dental treatment or physiotherapy. It also provides a nice cushion in the case of a short-term disability.

In short, we feel better about working where we work, and with all else being equal, the type of benefits we get may be the deciding factor between working for one company rather than the other.

For employers, offering group benefits is a small, tax-deductible investment that will yield great returns in many ways. A good benefit package will boost staff morale, productivity, increase your attractiveness as an employer, and enhance the corporate image of your business.

Your investment in a benefit package may actually reduce your overall business expenses by decreasing employee turnover and consequently avoiding the costs associated with hiring and training new personnel.

Health and Wealth

If you include retirement savings in your benefit package, not only will you meet the health needs of your employees, but you will be providing a way for them to prepare for their retirement. Employers can do their employees a big favour by offering some form of retirement savings plan within a benefit package.

Roughly only 38 per cent of all employees in Canada have retirement savings plans through their employers, and many Canadian workers do not have any retirement savings at all, so an employer-sponsored retirement savings plan may very well be the only retirement savings your employees will ever have.

Group retirement plans come in many forms. Some come in the form of group RRSPs with voluntary contributions. Some are pension plans with mandatory contributions by both the employee and the employer. Some group plans have as few as a couple of people, and some have hundreds of them. Many of these plans have the added value of professional advice by a dedicated team of financial specialists.

Whatever the case may be, talk to a financial and insurance professional, such as those with First Insurance Agencies, to find a tailor-made benefit package for your business.

Ivan Vazquez MBA, CFP is a Financial Planner with Qtrade Asset Management Inc. and a Wealth Management Specilaist with First Insurance Agencies. He can be reached at 250-334-3443. Financial planning services and mutual funds are offered through Qtrade Asset Management Inc., member MFDA.








Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Comox Valley school district drama students present Xanadu

Venice Beach, California, 1980. An aspiring young artist paints a mural, and… Continue reading

Heart attacks strike husband, wife just over one year apart

Courtenay couple share personal stories to bring awareness to heart month

Heating up the kitchen

G.P. Vanier hosting North Island Skills Canada Regional Event

Carlos del Junco and the Blues Mongrels return to Courtenay

Eight-time Maple Blues winner Carlos del Junco and his Blues Mongrels return… Continue reading

HIGHLIGHTS: Day one and two at the 2020 BC Winter Games

Athletes had sunny – but cold – weather to work with in Fort St. John

Reports of accused human trafficker sighted north of the Comox Valley unsubstantiated

RCMP issue warning about the fears unproven social media reports can generate

Tyler Toffoli scores twice, Canucks crush Bruins 9-3

Stecher, Miller each add three points for Vancouver

Zamboni driver, 42, earns NHL win over Maple Leafs

Emergency goalie called into action for Carolina Hurricanes

Governor general says multiple solutions needed for ‘complicated’ overdose issue

Julie Payette met at a fire hall with firefighters and police officers as well as politicians and health experts

Landlord ordered to pay $11K after harassing B.C. mom to move days after giving birth

Germaine Valdez was pressured to move just a few days after giving birth by C-section to her child

‘Nothing surprises us anymore:’ U.S. border officials find brain in package

U.S. Customs and Border Protection agents found the brain packed in a glass mason jar in a Canada Post shipment

B.C., Ottawa sign sweeping 30-year deal for northern caribou habitat

West Moberly, Saulteau co-manage new protection on two million acres

Eyes on police after Trudeau orders blockades torn down, injunctions enforced

The RCMP in B.C. have sent a letter to the traditional leaders of the Wet’suwet’en Nation

Most Read