Compensation and Benefits Services Quiz

All the pay and rewards given to employees for their work.

Direct financial rewards, like wages, salaries, bonuses, and commissions.

Benefits like retirement programs, insurance, and paid time off.

Rewards that aren't financial, like job design, recognition, and advancement.

The process of deciding how much to pay employees, considering factors like skills, experience, and job market conditions.

Attracting and keeping talented employees.

Making sure employees feel valued and want to stay.

Keeping up with what other companies are offering.

A system where jobs are ranked based on their importance, complexity, and responsibility compared to other jobs in the company.

A quantitative method that scores jobs based on factors like skills, experience, and responsibility, and then assigns a numerical value to each job.

A system that categorizes jobs into groups based on common factors like skill level, education, or experience.

A curve that shows the relationship between the relative worth of jobs (x-axis) and the wages paid for those jobs (y-axis).

The range of salaries paid for a particular job within a company.

The different salary levels offered by a company for its jobs.

A method of determining the internal worth and relative value of jobs within an organization.

The salary paid for a job within an organization compared to other companies in the same industry.

Employees who are paid a fixed amount for a specific period of time, typically weekly, biweekly, or monthly.

A strategy that aims to attract, motivate, and retain skilled employees by designing a compensation system that offers a variety of benefits and incentives.

A structure that outlines pay levels for different jobs within a company. It ensures internal fairness and external competitiveness.

A survey that collects salary information from other companies in the same industry. This helps determine if a company's pay rates are competitive.

A systematic process that compares different jobs within a company to determine their relative worth. It ensures that higher-value jobs receive higher pay.

Factors used in job evaluation to determine the value of a job. They include skills, effort, responsibilities, and working conditions.

The geographic area from which a company recruits employees. The labor market determines the availability and cost of skilled workers.

Ensuring that everyone within a company is paid fairly based on their job responsibilities and performance.

A government-mandated savings plan designed to provide financial security for workers after retirement. This system ensures everyone has enough money to live comfortably after leaving the workforce.

The EPF Act outlines the rules and regulations governing the EPF system. This includes contribution rates for both employees and employers, account management, and fund distributions.

A system of financial assistance for employees who experience work-related accidents, illnesses, or disabilities. These benefits provide financial support during difficult times.

Under the EPF Act, both employers and employees are required to contribute a percentage of the employee's monthly wages to the EPF. These contributions accumulate over time and are used to fund retirement benefits.

The EPF Account Restructuring aims to improve retirement income security while also offering financial support for current needs. It divides members' accounts into three categories: retirement, well-being, and flexible funds.

Employers are legally obligated to deduct the required EPF contribution from their employees' wages and pay it to the EPF along with their own contributions. This ensures that all contributions are made on time.

Employees earning below a specific threshold are required to contribute to SOCSO. This ensures that lower-income workers are protected under the social security system.

Both employers and employees contribute to SOCSO. The employer contributes a higher percentage than the employee, demonstrating a shared responsibility for worker security.

A weekly rest day, typically on a Sunday, is provided to employees in Malaysia as per the Employment Act of 1955. It is a statutory right, meaning it is legally required, and agreed upon by both the employer and employee.

The Employment Act 1955 in Malaysia mandates ten public holidays, including four fixed national holidays (National Day, Agong's Birthday, State Ruler's Birthday, Labor Day) and six additional days to be decided upon mutually by the employer and employee.

Employees in Malaysia are entitled to annual leave under the Employment Act 1955, which varies based on their length of service. Employees with less than 2 years of service receive 8 days, those with less than 5 years receive 12 days, and those with over 5 years receive 16 days. This leave is an opportunity to rest and rejuvenate.

Employees in Malaysia are provided with sick leave under the Employment Act 1955, allowing them to take time off work due to illness. The duration depends on their length of service, with employees having less than 2 years granted 14 days, those with less than 5 years 18 days, and those with over 5 years 22 days. This is to ensure recovery and prevent spreading illness.

Employees in Malaysia are provided with 60 days of paid leave by the Employment Act 1955 if hospitalization due to illness is required. This policy is crucial for employees to prioritize their health and receive proper treatment without financial worry. It is essential to have a medical certificate from a registered medical practitioner or panel doctor for approval.

Public sector employees in Malaysia, who opt for a pension scheme, are eligible for various benefits, including a monthly pension, gratuity, and a cash award for accumulated leave after retirement. This provides financial security for individuals in their later years.

Upon reaching compulsory retirement age (now 60 years old), public sector employees in Malaysia are entitled to a pension payment, which is provided by the Federal Government. This payment is made on a monthly basis and represents a significant financial support for retired individuals.

The pension scheme in Malaysia is a non-contributory scheme, meaning employees do not contribute financially towards their pension, and employers only contribute partially. The Federal Government bears the primary responsibility for the pension scheme, which is a significant social safety net for public sector employees.

Benefits offered by employers at their discretion, not legally required.

Compensation beyond salary, like health insurance, paid time off, or retirement programs.

Various allowances, loans, and plans provided to employees, often beyond basic salary.

Services provided by employers to enhance employee well-being and work-life balance.

Programs offering counseling, diagnosis, and referrals for employee problems.

Services designed to help employees with childcare or elder care needs.

Services offered to employees beyond EAP, like transportation pooling or recreational activities.

Administrative challenges faced by employers in managing employee benefits, often due to complexity and frequent changes.