Comprehensive Employee Benefits

Hour Bank Benefit Plan

The hour bank plan is specifically designed for construction workers who work in the field. Eligibility for the Hour Bank Benefit Plan is determined by the number of hours flowing through an employee’s “hour bank account”. It acts like a bank account, but hours instead of dollars are recorded. The employer reports all hours on a monthly basis, including overtime, worked by each employee. An employee becomes eligible to receive benefits on the first day of the second month following the accumulation of 300 hours in his or her hour bank account. For each month of coverage, 150 hours are deducted from the account. If the account falls below 150 hours, the employee can elect to self-pay for up to six consecutive months. The employee is reinstated when 150 hours are again accumulated within eight months.

Advantages of the Hour Bank Plan

The Hour Bank Plan is portable between MERIT Contractor employers across Canada. Employees may carry their banked hours from one MERIT member company to another and are not required to work the qualifying 300 hours when they start with the new employer, unless there has been a break in benefits of eight months or more.

Kick Start
You have the option of paying the 300 hours up front for some or all of your employees when you enroll them in the plan. If this kick-start payment is received before the 15th of the month, then the employee will be in benefit on the first day of the month following submission.

Note these hours will belong to the employee and remain in their hour banks, even if they are no longer working for you.

Self Pay
When an employee’s hour bank falls below 150 hours, they may choose to self pay their benefits for up to six months.

Hour Bank Plan Costs

The MERIT Hour Bank Plan provides coverage for field employees: those on site, in the shop, on the machines. Unlike traditional plans, our monthly fees are based on only the hours worked by your employees. Therefore, plan costs vary each month depending on the number of employees you have and the hours they are working. This ensures that you can offer a full suite of employee benefits on a competitive level, regardless of the size of your company.

To determine what the Hour Bank Plan cost per hour per employee will be for your company, contact us at 204 888 6202.