Chapter 13

Question 1

Employee benefits

Answer 1

Indirect financial payments given to employees. They may include supplementary health and life insurace, vacation, pension plans and education plans and discounts on company products

Question 2

Employment insurance

Answer 2

A federal program intended to provide temporary financial assistancee to eligable persons who experience interruption to their work through no fault of their own

Question 3

Pay in Lieu of reasonable notice

Answer 3

A lump-sum equal to an employee’s pay for the notice period provided to employees who cease working immediately

Question 4

Canada/Quebec Pension plans offer ..

Answer 4

retirement income, survivor or death benefits disability benefits

Question 5

Worker’s compensation

Answer 5

Provides income and medical benefits to victoms of work-related accidents or illnesses of their dependants, regardless of fault

Question 6

Group Life insurance

Answer 6

Life insurance provided at lower rates for all employees, including new employees regardless of health or physical condition

Question 7

Deductible

Answer 7

The annual amount of health/dental expenses that an employee must pay before insurance beneftits will be paid out

Question 8

Short Term disability and sick leave

Answer 8

Plans that provide pay to an employee when he or she is unable to work because of a non-work related illness or injury

Question 9

Disability Management

Answer 9

A proactive, employer-centred process that coordinates the activites of the employer, the insurance company, and healthcare providers in an effort to minimize the impact of injury, disability or disease on a workers capacity to successfully perform his or her job

Question 10

Pension plans

Answer 10

Plans that provide income when employees reach a predetermined retirement age

Question 11

Defined benfit pension plan

Answer 11

A plan that contains a formula for determining retirement benefits

Question 12

Defined contribution pension plan

Answer 12

A plan in which the employers contribution to the employees retirement fund is specified

Question 13

Deferred profit sharing plan

Answer 13

A plan in which a certain amount of company profits is credited to each employee’s account, payable at retirement, termination or death

Question 14

Vesting

Answer 14

A provision that employer money placed in a pension fund cannot be forfeited for any reason

Question 15

Portability

Answer 15

A provision that employees who change jobs can transfer the lump sum value of the pension they have earned to a locked in RRSP or their new employer’s pension plan

Question 16

Phased Retirement

Answer 16

An arrangement whereby employees gradually ease into retirement by using reduced workdays or shortened workweeks

Question 17

Supplemental employee retirement plans

Answer 17

Plans that provide the additional pension benefit required for employees to receive their full pension benefit in cases where their full pension benefit exceed the maximum allowable benefit under the income tax act

Question 18

Employee assistance plan

Answer 18

A company-sponsored program to help employees cope with personal problems that are interfering with or have the potential to interfere with their job performance, as well as issues affecting their well-being or the well-being of their families

Question 19

Flexible benefits programs

Answer 19

Individualized benefit plans to accomodate employee needs and preferences