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Employee Benefit (Types of Employee Benefit (Salary & Bonus, Hours of…
Employee Benefit
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Collective Agreement
An agreement made between an employer and a trade union of employees on the terms and conditions of employment for the employees.
Requirements
- Be made in writing and signed by the parties to the CA
- Be delivered within one week of signing to the Registrar, IAC
- Specify the validity period, which should be a minimum of 2 years and a maximum of 3 years
- Provide for the settlement of disputes between parties while the CA is in force, including referral of the dispute to a Referee appointed under the IR Act.
Components
* Name of the employer and name of the union
• Date on which the CA was made
• Title of the CA
• Categories of employees who are covered by the CA
• Duration of the CA, which should be a minimum of 2 years and a maximum of 3 years
• Provision for the settlement of disputes between the parties while the CA is in force, arising out of the operation of the CA. This should include referral of any disputes to a Referee appointed under the IR Act. The CA should state how the Referee is to be selected e.g. by the parties, or by IAC.
• Signature of the employer and union representatives at the end of the body of the CA and the signature of at least one representative each from the employer and the union on every page. The signing of the document should be done in the presence of witnesses, at least one nominated by each party. The witnesses should also sign the document.
Employment Contract
An agreement between an employee and employer that specifies the terms and conditions of employment.
Contains important clauses such as:
- Appointment position
- Duration of employment contract
- Employee Commence Date
- Hours of work
- Remuneration package
- Employee benefits
- Code of conduct
- Probation clause
- Termination
Employee benefits consist of arrangements made by employers for their employees that enhances the latter’s well-being. They are provided in addition to pay and form important parts of the total reward package.