Benefit Selection Activity

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Northern Alberta Institute of Technology *

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2280

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Management

Date

Apr 3, 2024

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docx

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Uploaded by ProfessorFog9275

Benefit Selection Activity You are the HR Manager and you will be selecting the benefits for the company. It is a large Coffee Production company with 74 employees. You have an overall annual payroll budget of 4.5 million dollars. The owner has suggested that benefits should be worth 17% of the annual payroll budget for everything. The owner is not willing to go over 4.5 million for all payroll and benefit related costs. Salary Bands Grade Number of Staff Salary Total Salary Grade 1 21 $ 30,000 $630,000 Grade2 23 $40,000 $920,000 Grade 3 15 $55,000 $825,000 Grade 4 9 $80,000 $720,000 Grade 5 4 $100,000 $400,000 Grade 6 2 $120,000 $240,000 $3,745,000 Part I Then you will need to consider the Legally Required Benefits Legally Required Benefits WCB Rate = Mobile Equipment Operation Industry 40604, industry rate of $1.91 Canadian Pension Plan Maximum contributory earnings 2023 = $66,600 Contribution rate for 2023 = 5.95% (2.9% for EE and2.9% for ER) Maximum contribution for 2023= $3754.45 Employment Insurance Maximum insurable earnings for 2023 is $61,500 Employees contribute 1.63 of earnings to a maximum of $1,003.45 Employer contributes 2.28 of earnings to a maximum of $1403.43

Maximum benefit it $562.00 per week in 2019 for a maximum of 45 weeks. Employer Sponsored Benefits You have wonderful ideas of innovative new benefit plans for this group. Firstly you look at the demographics of your workforce. Males 67 Females 7 Ages 18-25 22 26-35 29 36-45 15 46-55 5 56-65 3 66-75 0 Family Coverage 38 Single Coverage 36 Total Number of Employees 74 Benefit Options – Monthly Premiums offered by the Benefit Provider Company “Wow Benefits” Benefit Family Premiums per month Single Premiums per month Employee cost share option Basic Life Insurance 1 X annual income or 17.00 9.00 yes Enhanced Life Insurance 2X annual income 22.00 13.00 yes Optional items Accidental Death and Dismemberment 12.00 7.00 Yes Spousal Life Insurance 9.00 NA Yes Basic Health Benefits or 72.00 65.00 Yes Enhanced Health Benefits – semi-private 89.00 72.00 Yes

hospital, physiotherapist, chiropractor, psychologist, ambulance coverage Optional Items Alternative Para- Medical Practitioners – Reiki, Naturopath, acupuncture, massage therapy 9.00 6.00 Yes Vision Care 32.00 17.00 Yes Flu shot program 1.20 1.20 No Basic Dental Benefits Or 45.00 37.00 Yes Enhanced Dental Benefits 62.00 50.00 Yes Additional Orthodontics coverage 26.00 NA Yes Long Term Disability 33.00 21.00 No Short Term Disability 23.00 17.00 No Employee and Family Assistance plan 7.00 4.50 No Daycare subsidy 120.00 120.00 Yes Additional benefits with a lump sum annual cost. Health Spending Program – additional medical expenses not covered under the benefit program, ie. private hospital rooms, anesthetic for optional dental surgery, etc. $200-$500. Per year per employee Plus administration fee of $1500.00 per year Wellness spending account – used for wellness items such as exercise equipment, yoga classes, gym memberships etc. $200- $500 per year per employee Plus administration fee of $1500.00 per year Coffee supplied by employer $ 29,250 annual cost estimate 1 cup per person $ 58,500 annual cost estimate 2 cups per person Tuition Support – supports employees returning to school to upgrade. $25,000 - $50,000 pool of money available to those who apply. Oilers Season Tickets 4 seats per game to be shared amongst employees $76,000 per year Games room $11,000 per year for new equipment Paid lunch from In house chef $295,880 per year for food and chef cost Yoga at lunch $21,000 per year

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YMCA memberships – EE only $696 per employee – Maximum $51,504 annually

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