Manulife Financial has launched a new product intended to help Canada’s smallest employers provide workplace health benefits, which are typically out of reach for them.
Introduced earlier this week, the new plan targets business owners with two to nine employees. “Many small businesses in Canada don’t have group health benefits,” says Marc Avaria, vice-president, group small business, with Manulife Financial.
“Small business owners in Canada certainly understand the value and advantages of having a group benefits plan, but they might be under the impression that it’s too expensive to maintain or too complicated and difficult to set up and administer,” Avaria explains.
He adds that Manulife’s new financial product has stable pricing, making it a great fit for small companies. It also has a reasonable cost and a simple design, so both plan sponsors and owners can use and understand it easily, Avaria says.
Cost and time are key factors that influence small employers’ decisions about health benefits plans, according to surveys conducted on behalf of Manulife.
“This plan gives even the smallest employers a tool that will help them attract the best-performing staff members,” Avaria explains. “And it gives those workers more incentive to start and stay with the company.”
Small business owners play a crucial role in the country’s economy. As many as 98% of all companies with employees in Canada are considered small businesses—meaning, they have fewer than 100 employees—and they provide jobs for nearly half of the country’s working population, according to Industry Canada.
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