MHR 749 Lecture Notes - Lecture 7: Pension, Employee Benefits, Unemployment Benefits
20 Nov 2018
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Document Summary
Employee benefits: the part of the total compensation package, other than pay for time worked, provided to employees in whole or in part by employer payments. Key issues in benefits planning, design, and administration: decide the role of benefits and integrate them into the overall compensation package, ensure external competitiveness know what your competitors offer. Financing benefits plans alternatives: non-contributory employer pays total cost, contributory costs are shared between employer and employee, employee-financed employee pays total costs for some benefits. Objectives of benefits strategy: complying with accounting, regulatory, and company standard, containing benefits costs. Increasing job satisfaction and employee engagement: attracting talent and maintaining a competitive position, retaining talent and reducing turnover, enhancing employee health, reducing absenteeism, protecting employees" income, addressing the diverse needs of employees, providing tax-effective compensation. Canada/quebec pension plan: a mandatory, government-sponsored pension plan for all employed canadians, funded equally by employers and employees, provides benefits from retirement, disability, and death.
