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Lecture

HR - Chapter 13.docx

4 Pages
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Department
Business
Course Code
BU354
Professor
John Coffey

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Description
Chapter 13: The Strategic Role of Employee Benefits Employee Benefits – indirect financial payments given to employees - they may include supplementary health and life insurance, vacation, pension, education plans, and discounts on company products -2 types: legally required (government mandated) and voluntary benefits Government-Sponsored Benefits a) Employment Insurance – a federal program intended to provide temporary financial assistance to an eligible person who experience interruption to their work through no fault of his/her own b) Pay on Termination of Employment - does not apply to those on short- term contract or fired for just cause - pay in lieu if reasonable notice: lump sum- equal to an employee’s pay for the notice period provided to employees who cease working immediately - Severance pay: one week’s pay for each year of employment (max 26 weeks) - Pay for mass layoffs c) Leaves of Absence -Unpaid time off -Employer must guarantee same or similar job when employee returns -Common types:  maternity/parental leave  parental/adoption leave  bereavement leave  compassionate care leave d) Canada/Quebec Pension Plan – programs that provide basic level of security on retirement - three types of benefits: - retirement income - survivor or death benefits payable to the employee’s dependants regardless of age at time of death - disability benefits payable to employees with disabilities and their dependants - benefits are payable only to those individuals who make contributions to their plans and/or available to their family members e) Workers’ Compensation - provides income and medical benefits to victims of work-related accidents or illnesses and/or their dependants, regardless of faultπ f) Vacations and Holidays - Vacation • minimum amount of paid vacation must be provided to employees - Holidays • varies by jurisdiction, • minimum 5 days, maximum 9 - Paid breaks • uninterrupted break within a work day • e.g. 30 minute break on a shift over 5 hours Voluntary Employer- Sponsored Benefits a) Life Insurance – virtually all employers provide group life insurance plans for their employees - this is insurance provided at lower rates for all employees regardless of health or physical condition - additional benefits: • accidental death coverage • dismemberment coverage • critical illness insurance b) Supplementary Health-Care/Medical Insurance - a deductible is the annual amount of health/dental expenses that an employee must pay before insurance benefits will be paid - coinsurance is the % of expenses that are paid for by the insurance plan - Supplements provincial healthcare plans - Group rates lower than individual rates - Employee usually pays a yearly deductible amount - Usually includes prescription drugs, private/semi-private hospital rooms, other health costs not covered by provincial plans - May include dental, vision care, hearing aids -Reducing Health Benefits Costs: • Increase amounts paid by employees • Restrict drugs paid for by plan • Health promotion programs: aimed at educating employees • Risk-assessment programs: identifying common health risk factors (e.g. heart disease, mental health) • Healthcare spending accounts (HCSA): annual amount available to employees c) Short-Term Disability Plans and Sick Leave Plans – plans that provide pay to an employee when he/she is unable to work because of a non-work-related illness/injury • Requi
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