BU354 Chapter Notes - Chapter 13: Co-Insurance, Adverse Selection, Elderly Care
Document Summary
Employee benefits: indirect financial payments given to employees. They may include supplementary health and life insurance, vacation, pension plans, education plans, and discounts on company products. Pay on termination of employment: employment labour standards legislation requires that employees whose employment is being terminated by employer be provided with termination pay when they leave. Pay in lieu of reasonable notice: a lump sum equal to an employee"s pay for the notice period provided to employees who cease working immediately. Employees only in ontario and the federal jurisdiction may be eligible for severance pay in addition to pay in lieu of notice. In ontario, you can get it if you"ve worked there for over 5 years, if payroll is 2. 5 million or more, if the employer is closing down business and 50+ employees are loosing jobs within 6 month period. Max amount = 1 weeks pay for each year of employment, up to a max of 26 weeks.
