MHR 749 Lecture Notes - Lecture 8: Adverse Selection, Insurance, Co-Insurance

• School: Ryerson University
• Department: Human Resources
• Course: MHR 749
• Professor: Margaret Yap

Document Summary

That part of the total compensation package other than pay for the time worked, provided to employees in whole or in part by employer payments. Employee: tax advantage, cost advantage and access advantage. Employer: reward loyalty, attract, motivate and retain talents, remain competitive, satisfy ees needs and increase productivity, Unions: better total compensation package for their membership. Government: provide minimum income upon employment or retirement. Key issues in benefits planning, design and administration. Benefits administration : who should be covered, how much choice for employees and how should benefits be financed. Employer factors: relationship to total compensation costs, costs relative to benefits, competitor offerings, role of benefits: attract, motivate and retain, legal requirements. Employee factors: equity: fairness historically and in relationship to what others receive, personal needs as linked to age, sex marital status, number of dependents. Non-contributory: employer pays total costs contributory: costs shared between employer and employee employee financed: employee pays total costs for some benefits.