BUS 381 Lecture Notes - Canada Pension Plan, Severance Package, Life Insurance
20 Nov 2012
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A federal program that provides income benefits if a person is unable to work through no fault of his or her own. Basic financial security after retirement: canada pension plan, worker"s compensation. Provides income and medical benefits to victims of work related accidents, illness and ot their dependants, regardless of fault: vacation and holidays. Minimum amount of paid vacation: leaves of absence. Unpaid leave of absences for proper reasons: pay on termination of employment. Pay to employees that are terminated: pay in lieu of notice. If employees are not given an advanced written notice, managers need to pay them a sum equal to the their pay for the notice period. If you are terminated and the company is large (income expense is . 5m per year), you can be paid a severance package: pay for mass layoffs. If an organization terminates a lot of employees (50), you are eligible to additional pay (between 6-18 weeks).
