SmallBiz Employee Benefits – Before you Lay Employees Off

By March 30, 2020 No Comments

This whole response to COVID-19 certainly has been a work-in-progress, especially when you consider that Prime Minister Justin Trudeau just announced that his government is going to implement the “Canadian Emergency Wage Subsidy” (CEWS).

CEWS is going to provide a 75% employer wage subsidy paying up to a maximum of $847 per week. Hopefully, that will be enough to deter Businesses from laying off too many of their employees.

Laying off employees is no easy decision to make regardless of the reasons.

However if you, as a business owner, have decided that you have to lay off some people, there a few things you need to remember,

  1. Check your contract for what benefits you are allowed to extend through the Layoff Period.
  2. Double-check before you start telling your Employees what you’re doing by connecting with your Benefits Consultant.
  3. This process needs to be documented…connect with your Carrier and complete the proper forms.

If you are still on the fence about laying people off, speak with your Benefits Consultant about some other strategies to help reduce immediate costs through changes in your Benefits Program.

Clean your hands and stay safe!

Located in Cambridge, ON Sharkey Group Insurance  provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.