BU354 Chapter 13: Textbook - Chapter 13 Employee Benefits and Services

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31 Jul 2016
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Chapter 13 – Employee benefits and services
The strategic role of employee benefits
Employee benefits and services – indirect financial payments that an
employee receives during his or her employment with an employer
oi.e. time off with pay, health & life insurance, EAP
Benefits are starting to matter more to employees
Government-mandated benefits
Employment insurance (EI)
oGives you income when you’re unemployed for a justiable reason
(laid off, terminated without cause, etc.)
oYou can only receive it if you’ve contributed to EI, worked a certain
number of hours, and are able to work
oEI is funded by employee contributions and their employers’
contributions (1.4 times the employee contribution)
oSupplemental unemployment benefit (SUB) – agreement between
employee and employer that employees who are eligible for EI
benefits are able to receive additional benefits from the fund
Pay on termination
oReasonable advance notice periods
Employee must be notified if they are going to be terminated
Unless they cause the termination (i.e. theft)
The time required increases with seniority
oSeverance pay
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Severance is the additional amount that is paid on top of the
payment in lieu of reasonable notice
i.e. you fire someone, you need to pay them for the minimum
notice period requirements lost wage, plus severance on top (if
applicable)
oPay for mass layoffs
Larger layoffs lead to longer time for re-employment
Only need to pay this when 50 or more employee layoffs (in
most provinces)
Leaves of absence
oAll provinces require unpaid leaves of absence to be provided in
certain situations
oYou’re guaranteed the same or similar job when you return
Canada Pension Plan (CPP)
oProvides working Canadians with financial security when they retire
or are disabled
oEmployers match CPP contributions
oThree types of benefits:
Retirement pensions
25% of the average earnings over the years which
contributions were made
Disability pensions
Only for severe disabilities
Survivor benefits
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