chapter 9 flashcards
what are Employee Benefits?
- they are indirect financial payments given to employees
- this can include health and life insurance, vacation, pension, deception plans, and discounts on company products
what is Employment Insurance?
A federal program intended to provide temporary financial assistance to eligible persons who experience interruption to their work through no fault of their own.
what is the Qualifying period of Employment Insurance?
benefit received is generally 55% of average earnings during last 14-45 weeks of qualifying period or maximum weekly rate; payable for up to 45 weeks
what is a SUB plan?
An SUB plan is a deal between an employer and employees, usually from negotiations, allowing eligible employees to get extra benefits alongside government support. This plan helps them keep up their living standards, especially during times like maternity leave, by combining payments to be closer to their regular wage.
what is the Canada/Quebec Pension Plan?
programs that provide basic level of security or retirement
what re the 3 benefits of the Canada/Quebec Pension Plan?
- retirement income
- survivor benefits : the survivor’s pension is a monthly benefit paid to the surviving spouse or common law partner
- disability benefits: paid only for sever disabilities that are expected to be permament or to last for an extended period of time, are under r65 - have mental or physical ability that regularly stop you from doing any type of work
whats true about plan members for the Canada/Quenvec Pension Plan?
plan members can choose to begin receiving benefits at any time between the ages of 60 to 70. benefits are rescued on early retirement before age 65 and are increased in the case of Kate retirement after age 65
whats true about vacation pay?
- minimum amount of paid vacation must be provided to employees
- varies by province
- minimum 5 days
- typical annual vacation policy may be 2 weeks for 5 years of service, 3 weeks for 10 years of service
whats the reasons for Outsourcing when it comes to Benefits Administration?
outsourcing software packages and outsourcing to a benefits administration provider can make the process more efficient, more consistent and generate enhanced service
