iAtoday

According to Statistics Canada, the average salary in Canada has risen by 5.1% over the last twelve months¹, which is why it is important to keep plan members’ salaries up-to-date.

This periodic update is one of the essential tasks that group insurance plan administrators must perform. Why? Salaries usually determine plan members’ life insurance and short- and long-term disability benefit payments.

If a plan administrator fails to notify us of a change:

• Unreported salary increases could result in benefits lower than they should have been.
• The employer could be held liable for these lower benefits.

Plan administrators must send us the salaries according to the definition of salary provided in the contract, and notify us without delay of any changes.

This is a simple but very important task, which our online tools allow plan administrators to easily carry out in My Client Space.

A communiqué will be sent to group insurance plan administrators on July 24.

See the French version of the communiqué.

If you have any questions, please contact your Account Executive.

¹ https://www150.statcan.gc.ca/n1/daily-quotidien/230609/dq230609a-eng.htm