Another Renewal For The Books, Another Year Of Plan Stability
Along with the return of Spring comes the Chambers Plan employee benefits renewal. At this time over 30,000 small to mid-sized businesses across Canada are receiving their annual Chambers Plan renewal package, and like clockwork over the past 40 years, the same news of plan stability is being delivered. For these businesses, old news is always good news.
What does that break down to from a numbers perspective? The average increase for participating firms under the Chambers Plan will be 4.4% at April 1, which is in line with previous increases. It highlights the Plan’s continued commitment to rate stability, with the average renewal action being 4.0% over the last decade and only 4.4% over the last 5 years.
This stability is made possible by the fact that businesses under the Chambers Plan umbrella have safety in numbers. These businesses are pooled (or partially pooled) together, treated fairly and are not exposed to the ‘risks’ of their own individual usage. This allows the law of larger numbers to work in favour of all of those with the pool of the Chambers Plan. What is also unique is that the Chambers Plan is a not-for-profit business. Meaning that any surplus is used to offset deficits, ensuring that the benefit is shared among all Plan participants.
If you are one of the many businesses within the Chambers Plan, we so pleased that another this year again boasts another stable renewal. For those of you that aren’t in the Chambers Plan, what are you waiting for?
To read more on the Chambers Plan renewal, download the latest issue of Plan News:
