BU354 Lecture Notes - Lecture 13: Credit Union, Retirement Age, Canada Day
Document Summary
*employee benefits: indirect financial payments given to workers during employment. *supplementary health & life insurance, vacation, pension plans, education plans, discounts. Employee services are becoming more sought after now, in the post-job-security era. *if benefits are aligned with business strategy, they can attract and retain the right people. *for the aging workforce, healthcare benefits = important. Administering benefits = specialized task, because workers are more financially sophisticated and demanding and because benefit plans must comply with many laws. *becoming a larger part of total compensation. *employment insurance (el): federal program to provide temporary financial assistance to eligible persons who experience interruption to their work through no fault of their own. Not payable when an employee is terminated for just cause, or when he quits for no good reason. *eligible to persons who paid into the account, have worked a min. # hours in a specified time, & are willing and able to work, as well as actively seeking work.
