Rate Review
At the spring meeting of the Consultative Committee on Benefits (Appendix M of the Urban Collective agreement), we discussed the following issues which will impact both Urban, RSMC members working at Canada Post and also Retirees.
Premiums for dental, extended health, disability insurance and life insurance.
There will be no change in dental and extended health care plan premiums for the next year. There will be a 10% increase in monthly disability insurance premiums, from $1.96 to $2.16 for every $1,000.00 of insured salary.
There will also be a 10% increase in life insurance premiums, from $0.16 to $0.18, bi-weekly, for every $1,000 of coverage.
Retirees will also see an increase of 10% on their basic life insurance premiums, from $0.18 to $0.20, bi-weekly, for every $1,000 of coverage.
The increase in disability insurance premiums is the direct result of increased costs.
For a postal worker earning $55,000 per year, the additional disability insurance premiums costs will be $128.40 per year and the basic life insurance increase from $17.60 to $19.36 for a net increase in costs of $21.12 per year. Please see the chart below.