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8 Cards in this Set
- Front
- Back
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What are benefits |
benefits are indirect financial payments received by an employee during employment |
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what are the legally required benefits? |
EI CPP WORKERS COMPENSATION PROVINCIAL HEALTH CARE VACAATION- 2 WEEKS leaves of absence termination pay- without cause |
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insurance benefits |
group life insurance - real opportunity to get life insurance with your employer because of pre-qualified situations |
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what is vesting |
you become vested into a non-forfeitable retirement plan |
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defined benefit plan |
defines the benefit, based on a formula, you will know exactly what you are gonna get when you retire |
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defined contribution plan |
all employers have switched to this method, it defines the contribution being provided, it is the employees responsibility to invest the contributions made by the employee and employers |
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flexible benefit programs- advantages |
choose benefits to suit individual needs meeting changing needs of workforce increase employee involvement |
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flexible benefit programs- disadvantages |
employees make bad choices increase adminstrative cost |
