Employee Benefits 2

Which benefit addresses loss of income due to temporary illness?

What is the primary purpose of severance pay?

Which of the following is a method used by employers to manage workers' compensation claims?

What describes a work schedule where employees arrange their hours around a core of midday hours?

Which pay structure is directly linked to performance or other work-related behaviors?

What is the purpose of work sharing during economic downturns?

Which benefit is specifically designed for retirement income?

What term describes the fixed salary or wage employees receive?

Which benefits are specifically for time not worked?

What system allows two or more individuals to share a single full-time job?

Benefits Overview

Benefits are indirect financial and non-financial compensation for employee retention.
Supplemental pay benefits include unemployment insurance, vacation pay, holiday pay, and sick pay for time not worked.

Specific Benefit Types

Sick leave provides compensation during temporary illness-related absences from work.
Severance pay serves as a humanitarian gesture and may diminish potential lawsuits from former employees.

Employer Responsibilities

Employers fund workers’ compensation benefits, which cover income and medical expenses for work-related injuries.
Workers’ compensation ensures protection for employees affected by workplace accidents or their dependents.

Cost Management

Case management strategies help employers reduce expenses associated with workers’ compensation claims.

Pension and Work Flexibility

Pension plans offer income support to individuals after retirement.
Flextime permits employees to customize their work schedule around core midday hours.
Compressed workweek allows employees to work less frequently but for longer hours each day.
Job sharing enables multiple individuals to collectively fulfill one full-time position.
Work sharing involves temporary reductions in employee hours to avert layoffs during economic challenges.

Reward System Components

Direct base pay refers to a fixed salary or wage provided to employees.
Pay progression may depend on factors like age, service length, or performance metrics.
Performance or variable pay connects compensation directly to individual work performance or achievements.

This quiz covers the essential aspects of employee benefits, including financial and non-financial compensation systems. Explore various types of benefits such as sick leave, severance pay, and workers' compensation, along with employer responsibilities and cost management strategies related to these benefits.