Ch13 - 71-243 Human Resource Management Ch 13 Employee...

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71-243: Human Resource Management Ch 13: Employee Benefits and Services 1
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71-243: Human Resource Management Employee Benefits Indirect financial payments that employees receive during their employment . For example supplementary health and life insurance, pensions, etc. Traditionally used to reward loyalty and tenure Benefits as a %age of payroll are 37% compared to 15% in 1953. Due to indirect nature of benefits, most employees are unaware about the actual cost of benefits to the employer 2
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71-243: Human Resource Management Government-Sponsored Benefits Employment Insurance (EI) Employment Insurance (EI) Canada/Quebec Pension Plan (C/QPP) Canada/Quebec Pension Plan (C/QPP) Workers’ Compensation Workers’ Compensation Vacations and Holidays Vacations and Holidays Leaves of Absence Leaves of Absence Pay on Termination of Employment Pay on Termination of Employment 3
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71-243: Human Resource Management Employment Insurance (EI) Provides income benefits for individuals unable to work through no fault of their own. Who are laid off Who are terminated without just cause, or Who quit their job for a justifiable reason Does not apply to workers who are self-employed. To receive benefits, an employee must have worked for a specified time called a qualifying period 4
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71-243: Human Resource Management Employment Insurance (EI) contd. The EI benefit is generally 55% of average earnings during the last 14 to 26 weeks of the qualifying period. Individuals must demonstrate that they are actively seeking jobs. Benefit is payable for up to 45 weeks. EI program is funded from employee and employer contributions.
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