Textbook Notes (362,858)
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BUS 381 (65)
Chapter 13

Chapter 13: Employee Benefits and Services

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Simon Fraser University
Business Administration
BUS 381
Rick Iverson

Chapter 13 Employee Benefits and ServicesThe Strategic Role of Employee BenefitsEmployee benefitsindirect financial payments to employees including healthlife insurance vacation pension education plans and discounts on company productsCan help attractretain the right people or to reward loyalty and tenureMore important today with little job security modest salary increases and aging workforceFor the aging workforce healthcare is increasingly importantBenefits are around 37 of payroll average of 17 500 per employeeGovernmentSponsored BenefitsEmployment Insurance EIEmployment insurancefederal program providing income benefits if person is unable to work through no fault of their own eg laid off terminated without just cause resignation for justifiable reasonpossibly for illnessinjuring or parental leavesEmployee must have worked a min number of hours during a min number of weeks qualifying periodEI benefit is usually 55 of average earnings during last 1426 weeks of qualifying period Payable up to 45 weeks and must be actively seeking workSupplemental unemployment benefit SUB plan is where employees receive additional benefits from employer CanadaQuebec Pension Plan CQPPPrograms that provide three benefits retirement income survivordeath benefits payable to dependants and disability benefits payable to employees with disabilities and their dependants Benefits are only payable to those who make contributions to the plansWorkers CompensationProvides income and medical benefits to victims of workrelated accidentsillnesses andor their dependants regardless of faultEmployers bear the full costInclude payment of expenses for medical treatmentrehabilitation and income benefitsTwo ways to reduce claimsoReduce accident or illnesscausing conditions by instituting effective safety and health programs and complying with government safety standardsoInstitute rehabilitation programs for injuredill employees to have them return to work soonerVacations and HolidaysVarying standardslegislation by jurisdictionLeaves of AbsenceUnpaid leave of absence required in certain circumstances parental leave adoption leave bereavementdeath only someGuaranteed oldsimilar job upon returnPay on Termination of Employment
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