MHR 523 Chapter Notes - Chapter 13: Disability Insurance, Unemployment Benefits, Pension

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23 Jul 2016
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Employee Benefits and Services
The Strategic Role of Employee Benefits
Employee Benefits: Indirect financial payments given to employees. They may include
supplementary health and life insurance, vacation, pension plans, education plans, and
discounts on company products
Government Mandated Benefits
Employment Insurance
Employment Insurance (EI): A federal program intended to provide temporary financial
assistance to eligible persons who experience interruption to their work though no fault
of their own
Pay on Termination of Employment
Reasonable Advance Notice Pay - an employee must be provided with advance
written notice if the employer is going to terminate his or her employment, unless the
employee is working on a short-term contract or is being fired for just cause
Pay in Lieu of Reasonable Notice: A lump-sum equal to an employee’s pay for the
notice period provided to employees who cease working immediately
Severance Pay- An additional payout on top of the minimum notice period requirements
and only applies if the specific conditions in the applicable jurisdiction are met
-In Ontario, employees may be eligible for severance pay if (1) the employers annual
Ontario payroll is 2.5 million or more, or (2) the employer is closing down the business
and 50 or more employees will be losing their jobs within a six month period
Pay For Mass Layoffs- Additional pay be provided when a lay off of 50 or more
employees occur
Leaves of Absence
-All provinces and territories and the federal jurisdiction require unpaid leaves of
absence to be provided employees in certain circumstances
-Maternity/parental leave, bereavement leave, etc
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Canada / Quebec Pension Plans
Canada / Quebec Pension Plans ( C/ QPP): Programs that provide three types of
benefits: (1) retirement income, (2) survivor to death benefits payable to the employees
dependants regardless of age at time of death, and (3) disability benefits to employees
with disabilities and their dependants
-Benefits are payable only to those individuals who make contributions to the plan to
their family members
Workers Compensation
Workers Compensation: Provides income and medical benefits to victims of work
related accidents or illnesses or their dependants, regardless of fault
-There are two basic approaches to reducing workers compensation claims
1.Safety and health programs
2.Rehabilitation programs for injured or ill employees
Vacation and Holidays
-Labour/Employment standards legislation sets out a minimum amount of paid vacation
that must be provided to employees, requirements vary by jurisdiction
Paid Breaks
-In terms of full days of work off, there are also mandated paid and unpaid time off
requirements within a work day t the provincial, territorial, or federal level
Voluntary Employer-Sponsored Benefits
Life Insurance
Group Life Insurance: Life insurance provided at lower level rates for all employees,
including new employees, regardless of health or physical condition
Supplementary Healthcare/Medical Insurance
Deductible: The annual amount of health/dental expenses that an employee must pay
before insurance benefits will be paid
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