Questions and Answers
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?
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Which pay structure is directly linked to performance or other work-related behaviors?
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What is the purpose of work sharing during economic downturns?
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Which benefit is specifically designed for retirement income?
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What term describes the fixed salary or wage employees receive?
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Which benefits are specifically for time not worked?
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What system allows two or more individuals to share a single full-time job?
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Study Notes
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.
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Description
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.
