Class Notes (839,092)
Canada (511,185)
Business (3,287)
BU354 (121)

HR - Chapter 13.docx

4 Pages

Course Code
John Coffey

This preview shows page 1. Sign up to view the full 4 pages of the document.
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
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.