BU354 Chapter Notes - Chapter 13: Defined Benefit Pension Plan, Life Insurance, Critical Illness Insurance
Document Summary
Employee benefits and services can be defined as all the indirect financial payments that an employee receives during their employment. Includes time off with pay, health and life insurance and employee assistance plans. Federal program intended to provide temporary financial assistance to eligible persons who experience interruption to their work through no fault of their own. Eligibility is also restricted to persons who have paid into the account, have worked a minimum number of hours in a specified time (qualifying period), and are willing and able to work. Generally, 55% of average earnings during the last 14-15 weeks, payable up to 45 weeks and to continue receiving ei benefits, individuals must demonstrate they are actively seeking work. Supplemental unemployment benefit (sub) is an agreement between employer and employees for a plan than enables employees eligible for ei to receive benefits of sub from employer.
