COMMERCE 2BC3 Lecture Notes - Lecture 10: Employee Assistance Program, Disability Insurance, Pension
2 Feb 2016
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Employee benefits: part of firm"s total compensation package and include both mandatory government-sponsored benefits and voluntary benefits such as life and disability insurance, extended health coverage, additional vacation pay, and a range of other options. Flexible benefits plan: allows employees the chance to choose among benefits offered by the employer, to help ensure the plan will more effectively meet the needs of all employees, and to help the employer contain costs. Some benefits such as canada pension and employment insurance are mandated by law. All employers offer some benefits even though it is not required by law (e. g. medical etc. : employer who does not offer these may have a hard time attracting/retaining a quality staff. If the economy tanks, the amount you have to contribute can go up and. However, the amount you receive depends on the economy: e. g. in 2008 the pensions decreased so much that people couldn"t retired. Aren"t guaranteed an amount for when you retire.
