HRM200 Lecture Notes - Life Insurance, Critical Illness Insurance, Pension

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: Katrina Di Gravio

Document Summary

Benefits are indirect financial payments (such as insurance and pensions) traditionally used to reward loyalty and tenure. Employee services more important today in post-job security era. Can include life and health insurance, vacation, pension, education plans, and discounts on company products. Provides income benefits for individuals unable to work through no fault of their own. Provides retirement income, survivor or death benefits, and disability benefits to individuals who contribute to these plans. Provides income and medical benefits to victims of work- related accidents and illness, regardless of fault. Paid time for vacation and statutory holidays. Annual amount of health/dental expense paid by employee before insurance benefits will be paid. Percentage of expenses (in excess of the deductible) paid for by the insurance plan. Publish a restricted list of drugs covered. Pay for employees who are unable to work due to non-work- related illness or injury. Short-term disability plans pay (often at declining percentages of salary) during entire absence.