The University establishes standard benefit rates that factor in the cost of providing medical, dental, pension and other statutory benefits to each employee group. These benefits are paid centrally and the benefit rates are established to recover the cost of providing these benefits to each employee group.
Benefit rates are reviewed on an annual basis. Changes in benefit rates may result from a variety of factors, such as:
- recent history of benefit claims
- benefit enhancements/modifications brought about through renewal collective agreements
- changes to the funded status of the pension plan, which impacts the University’s required contributions
The 2020-21 Standard Benefit Rates (applicable for Funds 100,200, 300 and 600) are in effect on May 1, 2020. Rates will be updated in the budgeting system and the salary planning file. Benefit rates for Funds 400 and 500 are charged based on actual costs.