COMM 410 Chapter : 9.Benefits.pdf
Document Summary
Increase attraction/retention of employees, provide intrinsic motivation (avg. Both employer/employee pays for ei/cpp, but employer pays workers compensation plan. Provides weekly benefits to those unable to work (not their fault, excludes self- employed) 55% of average earning during last 20 weeks of qualifying period. Retirement pension - 25% of average earnings, less/more if retire early/late. Disability benefits - 75% of pension benefit + flat rate/child. Survivor benefits - lump sum to family, monthly pension to spouse. Provides income, medical benefits to victims of work related accidents (while at work) Skyrocketing in costs - organizations trying to reduce accidents, provide less stressful jobs/rehabilitation to the injured (return to work quicker) Rising costs of benefits as key concern to employers. Current estimates suggest benefits add about 37% to every dollar of payroll. Health care cost (for current employees & retired) rose dramatically. Shifting cost to employees - increase premium, limit coverage, deductibles.
