Chapter 29

Question 1

What is rough percentage of benefits of payroll cost

Answer 1

40%

Question 2

Does benefits motivator

Answer 2

No, but they can attract and retain employees.

Question 3

What about benefit money

Answer 3

• Insurance payments
• Payment for time not worked
• Legally required contributions (social security, unemployment compensation, provident fund)
• Retirement plan
• Paid rest periods (coffee breaks, lunch break)
• Misc (educational assistance, child care etc)
• Employee security benefits (retirement security)
• Time-off benefits (leaves)
• Work scheduling benefits (flextime)
• Employee services (financial services)
• Family oriented (elder care, relocation)
• Purchase discounts

Question 4

What are type of insurance benefits

Answer 4

• Health insurance
• Life insurance
• Vision insurance
• Dental insurance
• Mental insurance
• Disability insurance

Question 5

What is job sharing

Answer 5

Husband wife are working together. They can share their work.

Question 6

What are retirement benefits

Answer 6

• Early retirement options
• Pre-retirement counseling
• Disability retirement benefits
• Health care for retirees
• Pension Plans

Question 7

What are pre retirement programs

Answer 7

• Silver handshake

- Preretirement programs

Question 8

What are 2 types of pension

Answer 8

1. Contributory plan (contributions to a plan are made jointly by employees and employers)
2. Noncontributory plan (contributions to a plan are made solely by the employer)

Question 9

What are 3 factors to consider when awarding bonus

Answer 9

1. Eligibility: based on job level and salary
2. Fund size: use a formula
3. Individual awards: based on performance

Question 10

Is bonus short term motivator

Answer 10

Yes