Term
| Name (6) government sponsored benefits |
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Definition
1. Employment insurance
2. Canada/Quebec pension plan (retirement income, survivor or death benefits, disability benefits)
3. Workers' compensation
4. Vacation and holidays
5. Leaves of absence
6. Pay on termination of employment |
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Term
| Name (7) voluntary employer-sponsored benefits |
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Definition
1. Life insurance
2. Supplementary health care/medical insurance
3. Short term disability plans and sick leave
4. Long term disability plans
5. Additional leaves of absence
6. Additional paid vacations and holidays
7. Retirement benefits |
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Term
| Name and describe (2) categories of pension plans |
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Definition
1. Defined pension plan: a plan that contains a formula for determining retirement benefits
2. Defined contribution pension plan: a plan in which the employer's contribution to the employees' retirement fund is specified |
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Term
| Name (3) types of personal services a company can provide to employees |
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Definition
1. Credit unions
2. Counseling services
3. Employee assistance plans: helps employees cope with personal problems that are interfering with their job performance |
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Term
| Name (6) types of job related services aimed directly at helping employees perform their jobs |
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Definition
1. Subsidized childcare
2. Eldercare
3. Subsidized employee transportation
4. Food services
5. Educational subsidies
6. Family-friendly benefits (flexible work hours, on site day care, etc) |
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Term
| Describe how to set up a flexible benefits plan |
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Definition
1. Employer limits the total cost for each total benefits package
2. Each benefit plan includes certain items that are not optional
3. The employee picks from the available options |
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