Employee Benefits: Flashcards
What are employee benefits:
Indirect financial payments given to employees
Please remember you need to communicate the benfits
Flexible benefit plans(Cafeteria plans)
Benefit plans that enable individual employees to
choose the benefits that are best suited to their
particular needs
A basic or core benefits package of life and health
insurance, sick leave, and vacation ensures that
employees have a minimum level of coverage.
Employees use credits to “buy” whatever other
benefits they need.
HRIS (Human resource information system) and its benefits
Reduced costs
§ Increased efficiencies
§Accuracy
*Once operational, online systems are
easy and inexpensive to adapt to
employer and employee demands.
EMPLOYEE BENEFITS REQUIRED BY
LAW:
Canada and Quebec Pension Plans (CPP/QPP) {18-70, retirement pensions, disability benefits
and survivor benefits, comes from employee and employer}
Employment Insurance (EI) { unemployed and
actively seeking employee. Determined by hours work and unemployment rate}
Workers’ Compensation Insurance { defray the loss of income and cost of treatment resulting from work-related injuries or
illness}
Provincial hospital and medical services
4 types of pension plans:
1-contributory pension plan (required members to make contributions in addition to any employer-required contributions.)
2-Non contributory (all required contributions are made by the employer.)
3-Defined benefit plan ( promises to pay you a set income when you retire. )
4-Defined contribution plan ( a common workplace retirement plan in which an employee contributes money and the employer typically makes a matching contribution)
Vesting:
A guarantee of accrued benefits to participants
at retirement age, regardless of their employment
status at the time
Employee assistance programs (EAPs)
Services provided by employers to help workers
cope with a wide variety of problems that
interfere with the way they perform their jobs
