BU354 Lecture Notes - Critical Illness Insurance, Life Insurance, Unemployment Benefits
Document Summary
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: 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, 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: leaves of absence. Employer must guarantee same or similar job when employee returns.
