BUSI 1250 Lecture Notes - Lecture 8: Unemployment Benefits, Pension, Life Insurance
Document Summary
Provide three types of benefits: retirement income, survivor or death benefits, and disability benefits. Provides income and medical benefits to victims of work-related accidents or illnesses. Employer and employee both pay premiums up to ympe. May include any of: msp, extended health. Often includes dental coverage: life insurance & ad&d, short & long-term disability (std. Dramatic increase in costs is the biggest issue facing benefit managers in canada today. The average annual health-care costs for employees are 7% of gross annual payroll and 50% of employers report increases of 8. 7% in these costs. Retiree benefits costs are already exceeding the costs for active employees in some organizations. As members of the baby-boom generation retire, retiree health benefit costs will increase rapidly. Three most common approaches to return a worker to work are: reduced work hours, reduced work duties, workstation modifications. Stress as a reason for work absence has increased by an alarming 316% since 1995.
