Chapter 13 Flashcards
What are employee benefits?
indirect financial payments given to employees
may include supplementary health and life insurance, vacation, pension, education plans, and discounts on company products
What are the chief objectives of benefits programs?
Improve employee work satisfaction
Meet employee health and security (e.g.: pension) requirements
Attract and motivate employees
Reduce turnover
Maintain a favourable competitive position
What are the government-sponsored (mandatory) benefits?
Employment Insurance (EI) Canada/Quebec pension plan Workers compensation Vacations and holidays Leaves of absence Pay on termination of employment
Summarize employment insurance programm?
Federally managed program.
Does not apply to contract workers.
Amount paid is determined by the number of hours of employment in the past year, and the regional unemployment rate.
Cannot say exactly how much applicant will receive without having processed their application. However, can say that the basic rate for calculating EI benefits is 55% of average insurable weekly earnings.
For 2017, the maximum insurable earnings amount is $51,300.
This means that you can receive a max amount of $543 (compared to $537 per week for 2016, $524 in 2015, $514 in 2014 and $501in 2013).
What types of EI is available?
Employment Insurance Regular Benefits
Employment Insurance Maternity and Parental Benefits
Employment Insurance Sickness Benefits
Employment Insurance Compassionate Care Benefits
Employment Insurance Fishing Benefits
Summarize Canada/Quebec Pension System
Programs that provide three types of benefits:
retirement income
survivor or death benefits payable to the employee’s dependants regardless of age at time of death
disability benefits payable to employees with disabilities and their dependants (long term).
Benefits are payable only to those individuals who make contributions to the plans and/or available to their family members.
Covers all employees between ages of 18 and 70.
Can begin collecting from age 60, with penalty. If defer payments after 65, will reward.
All contributions come from employers and employees.
Describe workers compensation
Provides income and medical benefits to victims of work related accidents or illnesses and/or their dependants, regardless of fault.
Known as WorkSafe BC in this province
Premiums paid entirely by employer.
Rates are based on per $100 of assessable payroll up to a maximum wage per worker. Rates can range from $0.11 up to $9.73 per $100 of assessable payroll.
Companies may be eligible for doscounts (up to 50%) if their safety records are “clean” or they may pay a surcharge (up to 100% more) if their safety rates are poorer
What are the top 5 most dangerous industries?
Fishing and trapping Mining, Quarrying and Oil Wells Logging and forestry Construction Transportation
What are BC statutory holidays?
- New Years Day
- Family Day
- Good Friday
- Victoria Day
- Canada Day
- BC Day
- Labour Day
- Thanksgiving
- Remembrance day
- Christmas
What are BC regulations on statutory holiday pay?
- “… an employee who has been employed by the employer for at least 30 calendar days before the statutory holiday and has
(a) worked or earned wages for 15 of the 30 calendar days preceding the statutory holiday, or
(b) worked under an averaging agreement at any time within that 30 calendar day period.”
What are BC regulations on vacation days?
57 (1)An employer must give an employee an annual vacation of
(a) at least 2 weeks, after 12 consecutive months of employment, or
(b) at least 3 weeks, after 5 consecutive years of employment.
(2) An employer must ensure an employee takes an annual vacation within 12months after completing the year of employment entitling the employee to the vacation.
(3) An employer must allow an employee who is entitled to an annual vacation to take it in periods of one or more weeks.
(4) An annual vacation is exclusive of statutory holidays that an employee is entitled to
What is a leave of absence?
specified in employment standards legislation extended maternity/parental leave parental/adoption leave bereavement leave compassionate care leave
What are some volunteer employer-sponsored benefits?
life insurance supplementary health care/medical insurance short-term disability and sick leave long term disability additional leaves of absence additional paid vacations and holidays retirement benefits employee and personal services
What are some employee/personal services?
credit unions counseling services employee assistance programs (EAPs) other (social and recreational) subsidized childcare eldercare subsidized employee transportation food services educational subsidies / sabbatical leaves family-friendly benefits
What are short term/Long term disability benefits and sick leaves?
provides income to employees when absent due to non-work related injury or illness
usually covered by insurance company
Sick Leave Plans
provides income for 2 or 3 days
usually a max number of sick days per year
