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29 Cards in this Set
- Front
- Back
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Effects of Employee Benefits Programs |
-improve employee work satisfaction -meet employee health and security requirements -attract and motivate employees -reduce turnover -maintain competitiveness |
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Requirements for a benefits program |
-strategic benefits planning -allowing for employee involvement -benefits for a diverse workforce -providing for flexibility -communicating employee benefits information |
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Advantages to flexible benefits plans |
-matches individual needs -selections adapt to changing workforce -employees understand the costs incurred for benefits -pay only for highly desired benefits -allow employees to pay more if they wish -competitive advantage in recruiting and retaining |
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Disadvantages to flexible benefits plans |
-poor benefits selections result in unwanted financial costs -administrative costs are higher -may increase employer premium costs |
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Communicating benefits information |
-in-house publications -group meeting and training classes -intranets -bulletin boards -pay check inserts -specialist brochures -Employee self-service systems |
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Management concerns with benefits |
-union demands for additional benefits -benefits offered by other employees -tax consequences of benefits -rising costs of providing benefits -benefits coverage for domestic partners |
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Managing costs of benefits |
-increase deductibles -dollar cap on specific benefits -coverage changes -benefits caps -use of preferred providers |
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Benefits required by law |
-CPP/QPP -EI -Workers compensation -Provincial hospital and medical services |
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Discretionary benefits |
-health care -payment for time not worked -severance pay -life and long term care insurance -retirement and pension plans |
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CPP/QPP |
-covers all employees between 18 and 70 -used to pay retirement pensions, disability benefits and survivor benefits -all contributions come from employers and employees |
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Employment insurance |
-benefits paid to claimants who are unemployed and seeking employment -amount paid is determined by number of hours worked in past year and regional unemployment rate -additional benefits may be extended for illness, injury, maternity, paternity and adoption leave |
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Workers compensation insurance |
-provincial and territorial insurance funded by payroll tax that defrays loss of income and cost of treatment due to work-related injuries and illnesses |
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Factors that influence employer's insurance rate for WCB |
-risk of injury or illness in an industry -company's frequency and severity of injuries |
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Reducing WCB costs |
-assess high-risk areas -prevent injuries -provide quality medical care to injured employees -reduce litigation by effective communication between employer and injured employee -manage care of injured worker until RTW -keep a partially recovered employee at the work site (GRTW, MRTW) -Provide training in HSE |
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Provincial hospital and medical services |
-third party benefit coverage in addition to provincial health care |
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Health care benefits |
-costs of hospitalization, prescription drugs, dental, optical, mental health -cost containment |
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Payment for time not worked |
-vacation with pay -paid holidays -sick leave -severance pay |
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Golden handshake |
early-retirement incentive in the form of increased pension benefits for several years, or a cash bonus |
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Preretirement programs |
-counselling -seminars -workshops -retirement tryouts |
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Types of pension plans |
-contributory plan -noncontributory plan -defined-benefit plan -defined-contribution plan |
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Contributory pension plan |
contributions to plan are made jointly by employers and employees |
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Noncontributory pension plan |
Contributions to a plan are made solely by employer |
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Defined-benefit pension plan |
amount an employee is to receive upon retirement is specifically set forth |
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Defined-contribution plan |
the amount an employer contributes to the pension fund is specified |
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Vesting |
Guarantee of accrued benefits to participants at retirement age, regardless of employment status |
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Pension portability |
-employees who leave an organization can leave their funds in their current plan, transfer into a locked-in RRSP or into their new employer's plan |
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Types of pension funds |
-Trusted -Insured |
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Employee assistance program |
provided by employers to help workers cope with problems that interfere with their jobs |
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Child and elder care |
care provided to a child or elderly relative by an employee who remains actively at work |
