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Lecture

Pay on Termination of Employment.docx

4 Pages
68 Views

Department
Business Management
Course Code
BUSM 1100
Professor
K.Hall

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Description
Pay on Termination of Employment  Employment/labour standards legislation requires employees whose employment is terminated by the employer to be provided with termination pay when they leave  Requires to provide advance written notice o Pay In Lieu of Notice  Ask employee to cease working immediately and provide employee with lump sum equal to their pay for notice period o Severance Pay o Pay for Mass Layoffs Voluntary Employer-Sponsored Benefits Group Life Insurance  Insurance provided at lower rates for all employees, regardless of health or physical condition  Employers pay 100% of base premium  Accidental death and dismemberment – provides lump-sum benefit in addition to life insurance benefit when death is accidental  Critical Illness Insurance – lump-sum benefit to employee who is diagnose
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