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14 Cards in this Set
- Front
- Back
Flexible Benefits Plans (cafeteria plans)
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Benefits plans that enable individual employees to choose the benefits that are best suited to their particular needs
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Canada and Quebec Pension Plans (CPP/QPP)
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-Cover all employees between ages 18 and 70
Read pages 448-449 |
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Employment Insurance (EI)
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-Payable to claimants who are unemployed and are actively seeking employment
page 449 |
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Workers Compensation Insurance
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Employers share the financial liability among themselves.
Payment to injured workers is based on lost earnings, and is guaranteed even if the employer is bankrupt. “Fault” is irrelevant. Both employee and employer give up the right to sue. |
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Discretionary Benefits
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Flexible benefits (cafeteria plans)
Sick leave (disability plans) Pensions (beyond CPP/QPP coverage) |
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Severance Pay
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A lump-sum payment given to terminated employees by an employer at the time of an employer-initiated termination
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Silver Handshake
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An early retirement incentive in the form of increased pension benefits for several years or a cash bonus
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Contributory plan
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Pension plan in which contributions are made jointly by employes and employers
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Noncontributory plan
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Pension Plan in which contributions are made solely by the employer
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Defined-benefit plan
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Pension Plan in which the amount an employee is to receive on retirement is specifically set forth
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Defined- contribution plan
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Pension plan that established the basis on which an employer will contribute to the pension fun
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Vesting
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Guarantee of accrued benefits to participants at retirement age, regardless of their employment status at the time
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Employee assistance programs (EAPs)
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Services provided by employers to help workers cope with a wide variety of problem that interfere with the way they perform their jobs
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Elder Care
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Care provided to an elderly relative by an employee who remains actively at work.
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