HR_Chapter 13.doc

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Department
Human Resources Management
Course
HRM 200
Professor
Katrina Di Gravio
Semester
Spring

Description
Chapter 13 Employee Benefits and ServicesStrategic Role of Employee BenefitsEmployee benefits is defined as all the indirect financial payments that an employee receives during hisher employment with an employer benefits are indirect financial payments such as insurance time of pay supplementary health and pensions traditionally used to reward loyalty and tenureemployee services more important today in postjob security era make employees feel good about who they are working with what they are doingpeople arent expecting to stay at one place for a long timedont expect to receive pension play thus dont carefor the aging workforce healthcare benefits are becoming increasingly important benefits as a percentage of payroll are about 37 today all employers provide group life insurance and most provide health and dental care insurance and retirement benefits GovernmentSponsored Benefits 61 Employment Insurance EIfederal program that provides weeklyincome benefits for individuals unable to work through no fault of their own does not apply to workers who are selfemployedworkers may be eligible for special EI benefits in cases of illness injury quarantine where the employer has no sickness or disability benefits and for maternityparental leaveemployees must have first worked a minimum number of hours during a minimum number of weeks called a qualifying periodbenefits are 55 of average earning during the last 14 to 26 weeks of the qualifying period to receive EI individuals must demonstrate that they are actively seeking work employee contributions are collected by payroll deduction and employers pay 14 times the employee contribution a supplemental unemployment benefit SUB plan is an agreement between an employer and the employees for a plan that enables employees who are eligible for EI benefits to receive additional benefits from a SUB fund created by the employerto employee to maintain standard of living ooften found in heavymanufacturing operationsauto and steel industrieswhere layoffs are common 2 CanadaQuebec Pension Plan CQPPintroduced in 1966Amount based on average salaryif you have a higher than average salary than you pay contribution to this pension fund you can get early retirement at age 60 and get money back thenProvide three types of benefits retirement income 25 of avg income survivor or death benefits payable to the employees dependants regardless of age at time of death lump sum payment and disability benefits payable to employees with disabilities and their dependents 75 of pension benefits at the time of disability and flatrate amount per child
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