BUS 381 Chapter 13 Exam Questions with
Verified Correct Answers
what is employee benefits
- Indirect benefits that employees receive during their employment with an employer
- usually provided to full time employees
what do employee benefits include (3)
- Time off with pay
- Supplementary health and life insurance
- Employee assistance plans
why are benefits important to organizations?
- help attract and retain the right people to acheive business objectives
what are some government mandated benefits? (7)
1. emloyment insurance
2. pay on termination of employment
3. leave on absence
4. Canada Pension Plan
5. workers compensation
6. vacations and holidays
7. paid breaks
what is EI
- federal program that provides income benefits if a person is unable to work through no fault of
their own
- eligibility: employees who are terminated without just cause or quit their job for a justifiable
reason
- employee contributions are collected by payroll, employers pay 1.4 times the employee
contribution
Pay on termination of employment
, - if you fire or layoff, you have to give them notice or pay them
- does not count for short-term contracts or for just cause
- The amount of payment varies according to jurisdiction and circumstances
ex: pay in lieu of reasonable notice, severance pay, pay for mass layoffs
leaves of absence
- upaid time off
- conditions vary by jurisdiction
- employee must guarantee same or similar job when employee returns
-
what are common types of leaves of absence (4)
1. materinity/parental leave
2. parental/adoption leave
3. bereavement leave
4. compassionate care leave
Canada Pension Plan
- program that provides a basic level of security on retirement
- benefits based on individual contributions made
what are the 3 types of benefits from CPP
- retirement income
- survivor/death benefits
- disability benefits
workers compensation
- no fault insurance plan
- income and medical benefits to victims of work-related accidents
- funded by employers (2-20% of payroll)
- administered by jurisdictional compensation boards (worksafe BC)
what are the 3 types of paid time off
1. vacation
- minimum amount of paid vacation that must be provided to employees
- min = 2 weeks
- 4-8 weeks are not uncommon
2. holidays
Verified Correct Answers
what is employee benefits
- Indirect benefits that employees receive during their employment with an employer
- usually provided to full time employees
what do employee benefits include (3)
- Time off with pay
- Supplementary health and life insurance
- Employee assistance plans
why are benefits important to organizations?
- help attract and retain the right people to acheive business objectives
what are some government mandated benefits? (7)
1. emloyment insurance
2. pay on termination of employment
3. leave on absence
4. Canada Pension Plan
5. workers compensation
6. vacations and holidays
7. paid breaks
what is EI
- federal program that provides income benefits if a person is unable to work through no fault of
their own
- eligibility: employees who are terminated without just cause or quit their job for a justifiable
reason
- employee contributions are collected by payroll, employers pay 1.4 times the employee
contribution
Pay on termination of employment
, - if you fire or layoff, you have to give them notice or pay them
- does not count for short-term contracts or for just cause
- The amount of payment varies according to jurisdiction and circumstances
ex: pay in lieu of reasonable notice, severance pay, pay for mass layoffs
leaves of absence
- upaid time off
- conditions vary by jurisdiction
- employee must guarantee same or similar job when employee returns
-
what are common types of leaves of absence (4)
1. materinity/parental leave
2. parental/adoption leave
3. bereavement leave
4. compassionate care leave
Canada Pension Plan
- program that provides a basic level of security on retirement
- benefits based on individual contributions made
what are the 3 types of benefits from CPP
- retirement income
- survivor/death benefits
- disability benefits
workers compensation
- no fault insurance plan
- income and medical benefits to victims of work-related accidents
- funded by employers (2-20% of payroll)
- administered by jurisdictional compensation boards (worksafe BC)
what are the 3 types of paid time off
1. vacation
- minimum amount of paid vacation that must be provided to employees
- min = 2 weeks
- 4-8 weeks are not uncommon
2. holidays
