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

43 views12 pages
Published on 22 Apr 2013
School
University of Waterloo
Department
Human Resources Management
Course
HRM200
CHAPTER THIRTEEN
Strategic Role of Employee Benefits
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
Government-Sponsored Benefits
Employment Insurance (EI)
Canada/Quebec Pension Plan (C/QPP)
Workers’ Compensation
Vacations and Holidays
Leaves of Absence
Pay on Termination of Employment
Employment Insurance (EI)
provides income benefits for individuals unable to work
through no fault of their own
Canada/Quebec Pension Plan (C/QPP)
provides retirement income, survivor or death benefits, and
disability benefits to individuals who contribute to these
plans
Workers’ Compensation
provides income and medical benefits to victims of work-
related accidents and illness, regardless of fault
Vacations and Holidays
specified in employment standards legislation
paid time for vacation and statutory holidays
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Leaves of Absence (unpaid)
specified in employment standards legislation
maternity/pregnancy leave
paternity/parental/adoption leave
bereavement leave
compassionate care leave
Pay on Termination of Employment
specified in employment standards legislation
pay in lieu of notice
severance pay
pay for mass layoffs
Voluntary Employer-Sponsored Benefits
life insurance
supplementary health care/medical insurance
short-term disability/sick leave
long term disability
additional leaves of absence
additional paid vacations and holidays
retirement benefits
Life Insurance
group life insurance
accidental death and dismemberment insurance
critical illness insurance
Supplementary Health Care/Medical Insurance
Deductible
annual amount of health/dental expense paid by employee
before insurance benefits will be paid
Coinsurance
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percentage of expenses (in excess of the deductible) paid for
by the insurance plan
Reducing Health Benefit Costs
increase the amount paid by employees
publish a restricted list of drugs covered
offer health promotion programs
implement risk assessment programs
health services spending accounts
Short-Term Disability/Sick Leave
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
sick leave plans pay for a specified number of days only get
full day for permissible number of sick days
Long-Term Disability
pay for employees with non-work-related long-term illness or
injury (until retirement if necessary)
Disability Management
assists disabled employees with return to work:
o reduced work hours
o reduced work duties
o workstation modification
Long-Term Disability: Mental Health Benefits
depression a “clear and present danger”
o alcoholism
o absenteeism
o injury
o physical illness
o lost productivity
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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.

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