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February 1, 2007 - NEWS
Small Business Benefit Plan Pools Resources of 700 Firms
A new plan may allow small businesses to offer the same caliber of benefits as their competitors.
Though large, high profile projects get the majority of media attention, the backbone of the provincial construction economy is made up of small contractors and other firms associated with the industry. While some companies may not have an immediate connection to construction, such as accountants, surveyors, or interior decorators, they are all impacted by the industry.
With the ongoing surge in construction, these companies are often expanding, or at least facing tight competition. In order to retain their workers, it’s vital that they have incentives beyond a good wage.
Benefit plans have traditionally been a way for larger companies to keep top employees, but now there’s a plan specifically targeted at smaller firms that allows them to offer the same benefits for less money. ICBA’s benefit plan pools together the resources of over 700 member companies to provide comprehensive benefits to staff.
While the Construction Industry’s Benefit Plan is the most well known, ICBA’s small business benefit plan is custom designed for firms with less than 20 employees who need a comprehensive benefits package for their staff.
“A firm shouldn’t have to worry about providing benefits for their employees, regardless of size. And with a booming economy, most firms are too busy working to worry about administration of their benefit plan,” ICBA president Philip Hochstein said.
The BC Small Business Benefit Plan is available as both a standard and enhanced plan. The standard plan offers life insurance for employees and their families, extended health care, vision and dental care and long-term disability. The enhanced plan doubles life, accidental death and long-term disability coverage, but only adds $60 more a month to the bottom line.
The plan is administered locally, taking the burden of paperwork off the shoulders of already busy smaller firms. And since the plan consists of many small businesses working together, individual firms are shielded from the potential premium volatility.
If you would like more information about the BC Small Business Benefit Plan, contact Dave Rockliff at 604-298-7795 or email him at
dave@icba.bc.ca
| ICBA is the voice of BC's construction industry. For further information, or if you have any questions or comments regarding this article, please contact ICBA. |
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