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Lecture

BUS 381 - Chapter 13

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Department
Business Administration
Course
BUS 381
Professor
Natalie Zhao
Semester
Fall

Description
By Mark Liangco | BUS 381 Chapter 13 (Week 10) Required by law 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 Pension Plan - Basic financial security after retirement. 3) Worker’s compensation - Provides income and medical benefits to victims of work related accidents, illness and ot their dependants, regardless of fault. 4) Vacation and Holidays - Minimum amount of paid vacation 5) Leaves of Absence - Unpaid leave of absences for proper reasons 6) Pay on Termination of Employment - Pay to employees that are terminated o 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. o Severance Pay  If you are terminated and the company is large (income expense is $2.5m per year), you can be paid a severance package. o Pay for mass layoffs  If an organization terminates a lot of employees (50), you are eligible to additional pay (between 6-18 weeks). Employer sponsored benefits 1) Life insurance 2) Supplementary health care 3) Short term disability / sick leave - Plans that provide pay to an employee when he orshe is unable to work because of non-work related illness or injury. 4) Long term disability - Half pay to those who used up their short term disability leave. o Disability management: assists disabled employees with return to  reduced work hours, reduced work duties, workstation modification o Mental Health Benefits:  Depression, alcoholism etc 5) Additional leave of absences 6) Additional paid holidays 7) Retirement benefits Employee Benefits - Benefits traditionally used to reward loyalty and tenure - employee services more important today in post-job secur
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