HRMT 70006 Chapter Notes - Chapter 10: Liquid Oxygen, Employee Benefits, Unemployment Benefits
13 Nov 2020
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Benefits and services are indirect compensation (not directly related to performance and extended condition to employment) Important to compensation packages and used to attract/motivate employees. Ranges between 1. 25 1. 4 times salary: e. g. 50k salary is actually 62k in actual payroll. Benefits can make different for corporate loyalty. Benefits are given against illness, disability, retirement. If organization does not offer benefits, employees will form a union to collective bargain or work for competitors. E. g. employer will may some or all of insurance costs. 2 types of benefits/services : legally required, employer voluntarily gives. Important for hr department : 1) top management holds the hr department responsible for meeting these legal obligations; ensures it complies with the law, 2) if obligations are improperly handled, result can be fines or more taxes. The canada pension plan (cpp), the quebec pension plan (qpp), and the public service pension. Mandatory plan for all self-employed persons and employees in canada.
