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Canadians Prefer Time-off

Canada is the only country where employees would choose additional paid time off as their most preferred benefit, says a global survey by Mercer. While this was in the top three in seven other markets, ‘Making Smart Benefit Choices’ found employees worldwide tended to select benefits that offer immediate gratification rather than those that potentially deliver value over the long term. Underscoring this trend of ‘immediacy’ over longer-term benefits, Canadian employees selected a salary increase as the second best benefit offering. This was the number one choice in all other markets. “Employers worldwide are asking their employees to make more and more decisions for themselves when it comes to their benefit programs,” says Brian Lindenberg, senior partner at Mercer’s health and benefits business. “Canadian employees have shown that they value more time off and increased pay in the current stress-filled economic environment, which is understandable. But there are other benefits that have the potential to create more income protection through health benefits and income replacement through retirement and savings vehicles. This challenge puts even more pressure on employers to deeply understand and communicate the value of various benefits to their employees so they can make smart choices.”

Courtesy of Benefits and Pensions Monitor website News Alerts

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