Average salary up 5.1% over the past year: have you updated your plan members’ salaries?

According to Statistics Canada, the average salary has risen by 5.1% over the last twelve months1, which is why it is important to keep your plan members’ salaries up-to-date.

This periodic update is one of the essential tasks that you must perform as a group insurance plan administrator. Why? Salaries usually determine your plan members’ life insurance and short- and long-term disability benefit payments.

If you fail to notify us of a change:

• Unreported salary increases could result in benefits lower than they should have been.
• As the employer, you could be held liable for these lower benefits.

You must send us the salaries according to the definition of salary provided in your contract and notify us without delay of any changes.

If you have access allowing transactions in My Client Space, you can:

Update the salaries of multiple plan members when salary changes take effect on the same date

1. In the left-hand menu, under Administrative Functions, click on the drop-down menu and choose Mass Salary Change.
2. Follow the steps.

Update the salary of one plan member at a time

1. Look up a plan member and access their personal record.
2. In the left-hand menu, under Update Member Information, click on Edit the salary.
3. Enter the information on the new salary.

You can also complete the Notice of Change (F54-020A) form and send it to us within 31 days following the salary change. This form is available at ia.ca, in the Administration – Forms and Return Envelopes section.

If you have any questions, please contact your advisor or your iA Financial Group Client Relationship Manager.

¹ https://www150.statcan.gc.ca/n1/daily-quotidien/230609/dq230609a-eng.htm