Chapter 13 Flashcards
(23 cards)
What are Employee Benefits?
Indirect financial payments given to employees, like insurance, vacation, and discounts.
What are Government-Mandated Benefits?
Includes EI, CPP/QPP, workers’ comp, paid time off, and leaves of absence.
What is Employment Insurance (EI)?
Federal program providing income benefits when unable to work through no fault of their own.
What is Pay on Termination?
Employers must give notice or pay in lieu unless employee is on contract or fired for cause.
What are Leaves of Absence?
Unpaid time off for events like maternity, adoption, bereavement, and compassionate care.
What is the Canada/Quebec Pension Plan?
Provides retirement income, survivor benefits, and disability benefits based on contributions.
What is Workers’ Compensation?
No-fault insurance providing income and medical benefits for work-related incidents.
What is Paid Time Off?
Includes legislated vacation, holidays, and unpaid breaks.
What is Life Insurance?
Group insurance plans with optional add-ons like critical illness and accidental death coverage.
What is Supplementary Healthcare?
Covers expenses not included in provincial healthcare—e.g., dental, vision, massage.
What are Sick Leave Plans?
Provide a limited number of paid days per year for illness.
What is Short-Term Disability?
Covers non-work injuries or illnesses; usually requires a medical certificate.
What is Long-Term Disability?
Pays 50%-75% of income for long-term, non-work-related health issues.
What are Sabbaticals?
Extended time off to prevent burnout; often unpaid or stipend-based.
What is a Defined Benefit Pension Plan?
Benefit amount based on earnings and years of service.
What is a Defined Contribution Pension Plan?
Pension benefit based on contributions and investment growth.
What is a Group RRSP?
Employer-sponsored retirement savings plan.
What is a Deferred Profit-Sharing Plan (DPSP)?
Employer contributes a portion of profits to employee fund for retirement.
What are Flexible Work Schedules?
Includes flextime, telecommuting, compressed workweeks, and job/work sharing.
What are Employee Services?
Credit unions, counselling, eldercare, food services, and family-friendly benefits.
What are Executive Perquisites?
Extra executive benefits like loans, golden parachutes, company cars, concierge services.
What are Flexible Benefits Programs?
Customized benefits to suit employee needs, with cost and participation restrictions.
What is Benefits Administration?
Managed internally or outsourced; requires clear communication and compliance.
