MHR 523 Lecture Notes - Lecture 12: Life Insurance, Critical Illness Insurance, Adverse Selection
2 Jul 2018
School
Department
Course
Professor
22/03/18 Week 10
Alexandra Karkaby
Chapter 13: Employee Benefits and Services
Employee Rewards
● Five Components of Total Rewards
1. Compensation
2. Benefits
3. Work-life programs
4. Performance and recognition
5. Development and career opportunities
Employee Benefits
● Benefits → indirect financial payments given to employees.
Government-Mandated Benefits
● Employment Insurance (EI)
○ A federal program that provides income benefits if a person is unable to work
through no fault of his or her own.
○ Eligibility
○ Benefit period
○ Funding
○ Supplemental unemployment benefits.
● Pay on Termination of Employment
○ Does not apply to those on short-term contract or fired for just cause.
○ Amount of payment varies according to jurisdiction and circumstances:
■ Reasonable notice
■ Severance pay
■ Pay for mass layoffs
● Leaves of Absence
○ Unpaid time off
○ Conditions vary by jurisdiction
○ Employer must guarantee same or similar job when employee returns.
○ Common types: maternal leave, adoption leave, compassionate care leave, etc.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Five components of total rewards: compensation, benefits, work-life programs, performance and recognition, development and career opportunities. Benefits indirect financial payments given to employees. A federal program that provides income benefits if a person is unable to work through no fault of his or her own. Does not apply to those on short-term contract or fired for just cause. Amount of payment varies according to jurisdiction and circumstances: Employer must guarantee same or similar job when employee returns. Common types: maternal leave, adoption leave, compassionate care leave, etc. Minimum amount of paid vacation must be provided to employees. Holidays vary by jurisdiction (minimum 5 days, maximum 9 days). Income and medical benefits to victims of work-related accidents or illness, regardless of fault. Group plans offer lower rates and inclusion of all employees. Employee usually pays a yearly deductible amount. Usually includes prescription drugs, private/semi-private hospital rooms, other health costs not covered by provincial plans. May include dental, vision care, hearing aids.
