HRMT-318 Lecture Notes - Lecture 7: Life Insurance

• School: MacEwan University
• Department: Human Resource Management
• Course: HRMT-318
• Professor: A N O N Y M O U S

Document Summary

This is usually provided for in an agreement whereby the employer or an organization commits to share, fixed in advance, with employees the profits that may be made during a given year. Two types: trust or deferred distribution. A trust fund is established from which benefits are distributed as certain contingencies such as death, disability: cash or current distribution. The benefits are received by the employees in cash. The savings coming from the reduction in labor or production costs are divided among the employees. Usually provide employees of an organization to purchase at a reduced rate or on easy terms through payroll deductions shares of stocks of the company. Fringe benefits vacation leave with pay sick leave with pay bereavement leave. Sss benefits medicare benefits hospitalization plan life insurance accident insurance. Christmas bonus mid-year bonus educational plan housing plan car plan management bonus maternity leave sabbatical leave.