General Business BUS206 Lecture 9: Module 9 - Ch. 9 Overview 2
22 Sep 2020
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Plans that provide income to an employee at retirement as compensation for work performed now. Defined benefit plans: employer agrees to provide a specific level of retirement pension, the exact cost of which is unknown. Defined contribution plans: employer agrees to provide specific contributions but the final benefit is unknown. Cover expenses not payable under provincial/territorial plans. Prescription drug coverage considered most important benefits by employees. Medical cost control is biggest issue facing benefits managers today. Provide continuation of part or all of earnings during absence due to non-work related illness or injury. Provide specified number of paid sick days per month or per year. Provide continuation of part of earnings during long-term absence due to non-work-related illness or injury. Paid rest periods, coffee breaks, travel time . Provide confidential counselling and/or treatment programs for personal problems including addiction, stress, and mental health issues. Employees choose packages that best satisfy their unique needs.
