Study Notes: Chapter 13.docx

29 views2 pages
17 Apr 2012
Department
Course
Professor
Chapter Thirteen: Employee Benefits and Services
MHR Notes
Pension Plan plans that provide income when employees reach a predetermined retirement age
Employee benefits indirect financial payments given to employees. They may include supplementary health
and life insurance, vacation, pension, education plans and discounts on company products
- helps develop loyalty, increase ability to attract and retain employees but very expensive
Government Sponsored Benefits in Canada
1. Employment insurance a federal program that provides income benefits if a person is unable to work
through no fault of his or her own
2. Canada/Quebec Pension Plan programs that provide three types of benefits: retirement income, survivor
or death benefits payable to the employee’s dependents regardless of age at
time of death; and disability benefits payable to employees with disabilities
and their dependents. Benefits are payable only to those individuals who
make contribution to the plans and/or available to their family members
3. Workers Compensation provides income and medical benefits to victims of work-related accidents or
illnesses and/or their dependants, regardless of fault
4. Vacation and Statutory Holidays employment standards legislation sets out a minimum amount of paid
vacation that must be provided to employees, usually two weeks per
year, but the requirements vary by jurisdiction
5. Leaves of Absence maternity/parental leave, bereavement, compassionate care
6. Pay on Termination of Employment pay in lieu of notice (employee must be provided with advance
written noticed if the employer is going to terminate employee),
severance pay, pay for mass layoffs
Voluntary Employer-Sponsored Benefits
1. Group life insurance provided at lower rates for all employees; also accidental death and
dismemberment, critical illness
- deductible the annual amount of health/dental expenses that an employee must
pay before insurance benefits will be paid
- coinsurance the percentage of expenses (in excess of the deductible) that are paid
for by the insurance plan
2. Supplementary health care/medical insurance prescription drugs, dental, physiotherapy, etc.
3. Short term disability and sick leave provide pay to an employee when he or she is unable to work because
of a non-work related illness or injury
4. Long term disability income protection for long term illness tht is not job related
5. Additional leaves of absence
6. Additional paid vacations and holidays
Unlock document

This preview shows half of the first page of the document.
Unlock all 2 pages and 3 million more documents.

Already have an account? Log in

Get OneClass Notes+

Unlimited access to class notes and textbook notes.

YearlyBest Value
75% OFF
$8 USD/m
Monthly
$30 USD/m
You will be charged $96 USD upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. For more information, see our Terms and Privacy.
Payments are encrypted using 256-bit SSL. Powered by Stripe.