Chapter 10 Benefits and services Flashcards
Definition of Benefits
Benefits are indirect financial payments given to
Employees including health benefits, life
insurance, pensions, vacations etc.
What are the 3 (levels of) roles of indirect compensation
- Sociatal objectives
- Organizational Objectives
- Employee objectives
What are the societal objectives of indirect compensation
What are the organizational objectives of indirest compensation
What are the employee objectives of indirest compensation
What are the 5 legaly required (gov sponsored) benefits
What are Canada / Quebec pension plan (CPP/QPP)
A mandatory, contributory, and portable pension plan applicable to all employees and self-employed persons in Canada
Definition of contributory plans
benefits that requier the employer to contribute the cost of the benefit
Definition of portability Clauses
A clause that allow accumulated pension rights to be transfered to another employer when an employee changes employer
What is employment insurence
A program to help alleviate the financial problems of workers in Canada during the transition from one job to another.
How does worker compensation work
Provides income and medical benefits to victims of work-related accidents or illnesses and/or their dependents, regardless of fault
What are the legaly required vacation and hollidays
Employment standards legislation sets out a minimum amount of paid vacation that must be provided to employees, usually two weeks per year, but the requirements vary by jurisdiction
What are the 5 possible volontary ( employered sponsored) benefits
What does health related insurence provide for
it provides for costs not covered by province i.e. Prescription drugs, dental, physiotherapy
What are the 2 types of salary continuation plan?
- Short-term disability A benefit plan crediting a number of days to be used as sick leave.
- Long term disability-A benefit plan providing the employee with an income in the case of long-term illness or injury.
What are the different types of employment security benefits
severance pay
guaranteed annual wage(GAW)
supplemental unemployment benefits (SUB)
Definition of severance pay
Payment to a worker upon permanant separation from the company
What are benefit annual rate
benefit plan by which employer assures employee that they will receive a min annual income regardless of layoff or lack of work
What are supplemental unemployment benefits
Private plan providing compensation to laied off workers
What are the 2 types of employer sponsored pension plan / Retirement securities
- Defined Benefits Pension Plan: Benefits are defined by a formula based on age and length of service, with the employer assuming responsibility for funding.
- Defined Contribution Pension Plan: Based on amounts contributed by the employer and the employee, the final pension depends on amounts contributed, investment income, economic conditions at retirement.
What are the 3 types of volontary payed off benefits
- On-the-job Breaks
- Paid Sick Leave (use it or lose it)
- Holidays and Vacations
What are the emerging trands in benefits and services
