HRM303 Chapter Notes - Chapter 12: Job Satisfaction, Human Factors And Ergonomics, Child Care

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM303
• Professor: Vince Di Ruzza

Document Summary

Government provided employee benefits, such as pensions and employment insurance, to which employers must contribute on behalf of their employees. Employers must also provide minimum levels of holidays, rest breaks and statutory vacation time. Amount employer must contribute for each program is based on total cash compensation received by employee. All canadians are currently entitled to old age security which pays a small fixed pension. All employees also qualify for cpp or qpp. Defined benefit plans: pension plans that provide retirement income based on proportion of employee"s pay at the time of retirement. Defined contribution plans: pension plans that provide retirement income based on accrued value of employer and employee contributions to the plan. Employer commits to putting certain amount of money in investment trust on behalf of each employee. No guarantee as to what amount the annual pension at retirement will actually be.