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Chapter 13

ADM 2337 - Chapter 13 (Benefits and Services).doc

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ADM 2337Chapter 13BenefitsServicesThe Strategic Role of Employee BenefitsoEmployee benefits Employee benefits are basically the indirect forms of compensation and payments we give to our employees This can include healthlife insurance coverage vacation pay pensions education plans and discounts on company products oBenefits can be a really good tool to align the employees line of sight with business strategy They can help us attract and retain the type of employees we need to meet business goalsoAdministering benefits today represents a pretty tough task because workers are more financially sophisticated and demandingoOn top of that benefit plans must comply with a variety of laws and they are becoming increasingly expensiveGovernmentSponsored BenefitsEmployment Insurance EIoEmployment insurance is a federal program that provides income benefits if a person is unable to work through no fault of his or her ownDoes not apply to workers who are self employedoIt provides benefits for employees who are laid off terminated without a good reason or who quit their job for a justifiable reason harassment We are also eligible for EI benefits in cases of illness maternityparental leave and compassionate care leaveoThey are not payable when an employee is terminated for good reason like if the employee was fired for being incompetentoTo receive benefits an employee must first have worked a minimum number of hours during a minimum number of weeks called a qualifying period There is often a waiting period from last day of work for 2 weeks until benefits beginIf we were given severance pay or holiday pay when we lost the job these payments must run out before the waiting period beginsoThe EI is usually 5 of average earnings during the last 14 to 26 weeks of the qualifying period and the benefit is payable up to 45 weeks depending on regional unemployment rateoTo receive the benefits we have to show that we are actually actively seeking workoThe EI program is funded by contributions from eligible employees and their employers oIn some cases some companies might offer us SUBS oSupplemental unemployment benefit plan SUB is an agreement between an employer and the employees for a plan that lets employees who are eligible for EI benefits to receive additional benefits from a SUB fund created by the companyThey help employees to maintain their standard of living during period of unemployment maternity leave by receiving a combined benefit closer to their actual working wages usually 90oWorksharing programs related arrangement where employees work a reduced workweek and receive EI benefits for the remainder of the weekThis way we dont really fire anyone CanadaQuebec Pension PlanoCanadaQuebec pension plan program that provide three types of benefits retirement income survivor or death benefits payable to the employees dependants regardless of age at time of death and disability benefits payable to employees with disabilities and their dependants Benefits are payable only to those individuals who make contributions to the plans andor available to their family membersoAlmost all employed Canadians between the ages of 18 and 65 are covered including selfemployed individualsoCasual and migrant workers are excluded same with other people who arent earning any employment income such as homemakers
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