HRM 2600 Lecture Notes - Lecture 11: Sick Leave, Deferred Income, Canada Pension Plan

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Document Summary

Improve employee work satisfaction: meet employee health and security requirements, attract and motivate employees, retain top performing employees, maintain a favorable competitive positions, legally necessary. In house publications: group meeting and training classes, emails/online modules (self-service/hris, blogs, social media, payroll interests and pay stub messages, benefits hotlines, new hire orientation. Employee benefits required by law: canada and quebec pension plans (cpp/qpp, employment insurance (ei, workers compensation insurance, provincial hospital and medical services. Cost containment strategies: increase deductibles, dollar limits, coverage changes, benefit caps, preferred providers. Employers can reduce the cost of benefits in the following ways: education and motivation, change coverage, change in the system. Pension plans: federal and provincial regulation of pension plans advises tax consideration and proper administration of plans. Vesting important issue to employees as a guarantee of accrued benefits that cannot (cid:271)e re(cid:448)oked (cid:271)y e(cid:373)ployer, e. g. e(cid:373)ployee (cid:449)ith 2 year"s ser(cid:448)i(cid:272)e is (cid:448)ested or fully lo(cid:272)ked in to a pension plan.

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