Guidelines
Recently, the Canadian Life and Health Insurance Association (CLHIA) released a new guideline concerning compensation disclosure. The proposed guideline sets out new standards when it comes to disclosing the compensation paid to intermediaries in group benefits and retirement services.
The guideline has been met with mixed reviews, particularly from insurance brokers and other intermediaries in the benefits industry. Many wonder why the guideline is necessary. Many have suggested disclosure of compensation itself is unnecessary since other industries don’t need to.
The guidelines, if adopted, could have big impacts on the insurance industry. How does it affect you as an employer offering benefits to your employees?
How Much Do
…show more content…
Some, however, have noted the level of legislation worldwide. The CLHIA’s new guideline is an attempt to get out in front of the government and potential regulation in the Canadian provinces. Many feel regulation is on its way. Some want to push the government there.
It’s easy to see why disclosure is such a contentious issue. How would you feel if someone asked you how much you made? Some also note consumers are used to this level of silence. After all, you don’t get a note indicating how much a manufacturer made when you purchase their product.
Commission and Kickback Concerns
Others feel it’s important to be perfectly transparent with clients. Many consumers are now pushing back against hidden fees in the financial world, particularly in investments. It’s an open secret investment advisors are taking a cut of clients’ earnings. The question now is how big the cut is.
The same kind of thinking is affecting the insurance industry. People are curious as to how much their brokers are actually receiving when they sign them up for a particular insurance policy or benefits package. It’s something of an open secret some brokers get kickbacks when signing you up with a particular company or
This project combines pay services from participating departments and agencies at the Public Service Pay Centre in Miramichi, New Brunswick. Compensation advisors in departments were given the option to move to Miramichi, but most did not. Many new staff were hired and trained for the Centre. There are some organizations like CRA and CBSA that are being serviced by their own internal departmental compensation advisors instead of those in Miramichi, but are still using the Phoenix system.
Lin, Z. (1998). Employment Insurance in Canada: Recent Trends and Policy Changes. Canadian Economic Observer, 11(7).
In this paper, there will be a comparative analysis to the United States (U.S.) healthcare system and Canadians healthcare system highlighting the advantages and disadvantages of both.
regulations - what's next? Health Matrix: Journal of Law and Medicine 2, no. 1 (Spring): 49- (22 p).
The Dodd-Frank Wall Street Reform and Consumer Protection Act’s policies haven’t really been implemented to the extent that regulators would have liked. Although the legislation takes many steps in addressing systematic risks in the United States financial system and improving coordination among regulators, some critics believe that alternative options might have been more effective. The coming years will give us a better understanding of how well the Dodd-Frank Act addressed these concerns.
The issue of a universal approach to Canadian Health Care has been contended for several years. Canada's national health insurance program, or Medicare, was designed to ensure that all people can have medical, hospital and physician services. The cost is to be paid for by Ontario medical insurance program (OHIP). The Canada Health Act was intended to represent certain principles of our health care system. It was intended to be a symbol of the Canadian values. Those values are fairness equity and togetherness. This oneness of a universal approach is what we call the one tier system. Many Canadians still believe the official government stand on this: Canada’s medical insurance covers all needs and services for every insured citizen. Officially then, there is a one level health care system. This paper shall argument that Canada has a two tier health care system.
Today, Canadians are concerned with many issues involving health care. It is the responsibility of the provincial party to come up with a fair, yet reasonable solution to this issue. This solution must support Canadians for the best; it involves people and how they are treated when in need for health care. The Liberal party feels that they have the best solution that will provide Canadians with the best results. It states that people will have the protection of medicare and will help with concerns like: injury prevention, nutrition, physical activity, mental health, etc. The Canadian Alliance Party’s plan is to make several policy-developments to benefit Canada’s health care. They believe it will serve the security and well-being best for all Canadians. The last party involved in this issue is the NDP Party; who indicate that they are fighting hard for a better Health Care system in our economy. The NDP Party states that the income of a family should not dictate the quality of health care.
Primary health care is the essential step to the Canadian health system. It is often associated with other specialized health care sectors, and community services. Many patients visit various services under primary health care such as family doctors' offices, mental health facilities, nurse practitioners' offices; they make phone calls to health information lines, for example, Tele-health; and receive suggestions from physicians and pharmacists (First Ministers; meeting on healthcare, n.d.). This service can prevent patients from visiting the emergency department, when all that is required is some guidance and advice. Having primary care services can reduce the consumption of acute beds, where only seriously ill patients can use the acute beds when it is available. Primary care not only deals with sickness care, but it helps patients receive preventable measures; it promotes healthy choices (Primary health care, n.d.). The focus on appropriate health care services, when and where they are needed, enhanced the ability of individuals to access primary care in various settings: at home, in a hospital or any number of family health care venues, such as Family Health Teams (FHTs), Community Health Centres (CHCs), or Nurse Practitioner- led clinics. This paper will look at the litigious heated argument in the Romanow Report concerning primary care. It will begin with a discussion of the outcome of the Accord on Health Care Renewal (2003) and The First Ministers' Meeting on the Future of Health in Canada (2004), both referring to primary care, which will then be followed with an assessment and analysis of the different ways in which the accords have been addressed in support of primary care. Followed by a discussion about the changes on ...
The national CLAS Standards provide the blueprint to implement such appropriate services to improve health care in the United States. The standards cover many areas, such as leadership, workforce, governance; communication and language assistance; organizational engagement, continuous improvement, and accountability. (Agency for Healthcare Research and Quality, 2014).
Then came the question, should the employer be the one responsible for providing health insurance. While everyone on the panel could agree that our health care system in 2008 was broken, most seemed opposed to the alternative solution of universal healthcare. There is an incentive to the company to offer health insurance to a human being that may receive the opportunity to receive health insurance from another company. However, taking health insurance responsibility away from the employer and making it the government’s responsibility would increase availability and possibly eliminate freedom of
Armstrong, P., & Armstrong, H. (1996). Wasting Away: The Undermining of Canadian Health Care. Toronto: Oxford University Press.
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
Introduction This paper will analyze methods a Human Resource (HR) professional could use to determine incentive pay taking individual group and company performance into consideration. Additionally, the paper will examine the core legal requirements affecting employee benefits in today’s competitive environment and determine the legally mandated benefits that the company must currently offer to its employees. The paper will follow with a recommendation on additional benefits that the organization should consider providing to its employees and two important concepts that a company must consider when designing benefit plans. The paper will assess the efficiency of common techniques for effectively communicating compensation and benefit plans
The organization is able to manage a high coverage of risks at relative low costs owing to the availability of highly skilled personnel in the company’s team of employees. This benefit also brings about another advantage of easing the financial burden of the organization (Johnson, 2016). Besides, effective employee benefit system offered by the organization could improve the general productivity. This benefit is attributed to the fact that employees tent to be more effective when they are given assurance of job security. In addition, workers become more productive when they and their families are given the desired security by the employer. The other benefit to the organization if it employs an effective compensation and benefits system entail benefits from premiums (Wayne, Shore, M., Bommer, & Tetrick, 2002). These premiums are typically tax deductibles as corporate expense. As such, a company that has an effective compensation and benefits system is likely save extra money for other
A compensation package includes salary but also includes other non-salary benefits such as: health-care benefits, 401(k) plans, PTO (paid time off) and other perks. Businesses often utilize experienced Human Resources professionals to review, update and create salary scales and compensation packages for new hires. The total compensation package is often used as means of attracting employees who will complement the organization and should be consistently reviewed, acting as an incentive for retaining qualified staff. “Organizations that are not able to develop competitive pay scales along with strong compensation packages, face the risk of a competitor offering a more attractive package, which can result in employee turnover” (Dias, 2011, pg.