You’re paid more than you think

Concerned your salary isn’t high enough? You may reconsider once you find out how much your benefits are worth.

  3

by

From the April 2013 issue of the magazine.

  3

If you are an employee at a major Canadian firm, your employer spends an additional 10% to 30% of your salary on your benefits. This includes health and dental coverage, pension plans and legally-required payments, such as CPP/QPP, EI premiums and workers’ compensation. In this example, a worker with a $75,000 annual salary receives around 18%—or $13,425—in benefits.

3 comments on “You’re paid more than you think

  1. This piece is insensitive and also quite inadequate in scope of perspective. The comment regarding standard payments to government programs is irrelevant because this does not reflect a change in cost for employers to fulfill their obligations. Companies that pay these expenses get access to an educated, as well as linguistically and culturally diverse talent pool; no victim cries please. For a person in a situation of inadequate salary, the problem is often associated with a complete lack of benefits and an erosion off full time status opportunities. Also, many organizations that offer benefits offer the option to opt in/out of benefits and take home more cash if people prefer. The problem described by this article can often be circumvented with some negotiation. The real problem of lower salaries is otherwise poorly acknowledged by the author.

    Reply

  2. A. I would like to see the US numbers,
    B. I would like to see a break down of the same salary after all Federal, state, local, sales, property taxes, et al. have been paid. I wouldn't be suprised if over 60% of working Americans' "salary' goes to some for of tax or another.
    C. I would like to see you post your advertiser and funding information. Businesses are in business to make money, but these days those businesses have great influence on the message. In an effort to convey full disclosure I would love to see Money-Sense be a leader in that effort considering you are advising people on their money.

    Reply

  3. Really good statistical review about compensation! This calculation would be very effective for the workers that how much benefit they are getting from their company as well. So thanks for this valuable post and hopefully more will come in near future as well. Thanks

    Reply

Leave a comment

Your email address will not be published. Required fields are marked *