COM 322 - Chapter 7 Notes

COM 322 - Chapter 7 Notes - -Defined Benefit Plan: a person...

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COM 322 – Chapter 7 Benefits required by  law 1. Canada and Quebec Pension Plans (CPP/QPP) -covers between 18-70 year olds -plans require employers to match contributions of employees -used to pay three main types of benefits:  retirement pensions,  disability benefits, survivors’ benefits 2. Employment Insurance (EI) -amount of benefit paid based on the number of hours of  employment in the past year and the regional unemployment  rate 3. Provincial Hospital and Medical Services 4. Leases without Pay 5. Other Required Benefits – holidays, vacation pay, overtime  premiums, severance for termination Voluntary Employee  Benefits -organizations do this to ensure that they are able to attract and retain  employees 1. Health and Welfare Benefits -Dental Coverage -Extended Health Coverage -Life Insurance 2. Retirement and Pension Plans
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Unformatted text preview: -Defined Benefit Plan: a person receiving benefits receives a specific amount regardless of the amount of contributions-organizations become liable if the employee has not made any contributions-Defined Contribution Plan: provides to the recipient an amount that is based on the amount of accumulated funds and how much those funds can purchase for retirement benefits 3. Pay For Time Not Worked-Vacations with Pay-Paid Holidays-Sick Leave 4. Wellness Programs services that make life at work more rewarding and to enhance employee well-being 5. Employee Assistance Programs 6. Educational Assistance Plans 7. Childcare and Eldercare Eldercare Care provided to an elderly relative by an employee who remains actively at work....
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This note was uploaded on 07/25/2011 for the course BUS 371 taught by Professor Franz during the Fall '10 term at University of Victoria.

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COM 322 - Chapter 7 Notes - -Defined Benefit Plan: a person...

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