Chapter 10 Benefits and services

Question 1

Definition of Benefits

Answer 1

Benefits are indirect financial payments given to
Employees including health benefits, life
insurance, pensions, vacations etc.

Question 2

What are the 3 (levels of) roles of indirect compensation

Answer 2

• Sociatal objectives
• Organizational Objectives
• Employee objectives

Question 3

What are the societal objectives of indirect compensation

Answer 3

Question 4

What are the organizational objectives of indirest compensation

Answer 4

Question 5

What are the employee objectives of indirest compensation

Answer 5

Question 6

What are the 5 legaly required (gov sponsored) benefits

Answer 6

Question 7

What are Canada / Quebec pension plan (CPP/QPP)

Answer 7

A mandatory, contributory, and portable pension plan applicable to all employees and self-employed persons in Canada

Question 8

Definition of contributory plans

Answer 8

benefits that requier the employer to contribute the cost of the benefit

Question 9

Definition of portability Clauses

Answer 9

A clause that allow accumulated pension rights to be transfered to another employer when an employee changes employer

Question 10

What is employment insurence

Answer 10

A program to help alleviate the financial problems of workers in Canada during the transition from one job to another.

Question 11

How does worker compensation work

Answer 11

Provides income and medical benefits to victims of work-related accidents or illnesses and/or their dependents, regardless of fault

Question 12

What are the legaly required vacation and hollidays

Answer 12

Employment standards legislation sets out a minimum amount of paid vacation that must be provided to employees, usually two weeks per year, but the requirements vary by jurisdiction

Question 13

What are the 5 possible volontary ( employered sponsored) benefits

Answer 13

Question 14

What does health related insurence provide for

Answer 14

it provides for costs not covered by province i.e. Prescription drugs, dental, physiotherapy

Question 15

What are the 2 types of salary continuation plan?

Answer 15

• Short-term disability A benefit plan crediting a number of days to be used as sick leave.
• Long term disability-A benefit plan providing the employee with an income in the case of long-term illness or injury.

Question 16

What are the different types of employment security benefits

Answer 16

severance pay

guaranteed annual wage(GAW)

supplemental unemployment benefits (SUB)

Question 17

Definition of severance pay

Answer 17

Payment to a worker upon permanant separation from the company

Question 18

What are benefit annual rate

Answer 18

benefit plan by which employer assures employee that they will receive a min annual income regardless of layoff or lack of work

Question 19

What are supplemental unemployment benefits

Answer 19

Private plan providing compensation to laied off workers

Question 20

What are the 2 types of employer sponsored pension plan / Retirement securities

Answer 20

• Defined Benefits Pension Plan: Benefits are defined by a formula based on age and length of service, with the employer assuming responsibility for funding.
• Defined Contribution Pension Plan: Based on amounts contributed by the employer and the employee, the final pension depends on amounts contributed, investment income, economic conditions at retirement.

Question 21

What are the 3 types of volontary payed off benefits

Answer 21

• On-the-job Breaks
• Paid Sick Leave (use it or lose it)
• Holidays and Vacations

Question 22

What are the emerging trands in benefits and services

Answer 22