An employee benefit at no cost
This guest blog post is provided by The Bank of Canada who is responsible for monetary policy, currency, financial system and funds management in Canada.
A comprehensive employee benefits package can play a significant role in retaining good employees and attracting new talent. Putting together an attractive benefits package can be a challenge, especially when you are faced with tight budget constraints.
As an employer, you can offer the opportunity to enhance your employees' benefits through the Canada Savings Bonds Payroll Savings Program without straining your budget. It provides a convenient way for your employees to save by using automatic payroll deductions and comes at no cost to your business.
Your employee benefit package could provide access to a savings plan that is:
- Affordable. Employees can contribute as little as $2 per week.
- Risk-free. The investment is fully guaranteed by the Government of Canada.
- Convenient. No bank visits, no paperwork, no hassle. Employees can sign up, contribute and redeem online.
From an employer perspective, there are several reasons to offer the program. It is:
- Easy to administer. You will be provided with all the necessary promotional materials and email templates that you need so there is minimal effort on your part. It is also designed so that employees can manage their own plan using an online account. Your main responsibility is to update an employee payroll data file once a year.
- Appreciated by employees. Your employees will appreciate you bringing this convenient savings tool to them. In addition to helping your employees to save for their financial goals, you will be encouraging good savings habits.
- Free. A no-cost program means you can provide a valued benefit to your employees while working within the limitations of your budget.
If you are interested in adding the Payroll Savings Program to your employee benefits package, visit csb.gc.ca/employers for more information.