Exam 11: Employee Benefits

Who contributes financially to the Employment Insurance Fund that is used to support unemployment insurance claims?

Both employees and employers make contributions toward a workers' compensation fund.

Employer-sponsored employee assistance programs (EAPs) are created to help workers overcome hurdles in their personal lives. Which employee is the most likely to receive help under a typical EAP?

Omar Morales, an older employee, is considering an early retirement package that his employer has offered; it includes improved benefits and cash bonuses. What do we call this type of inducement?

Scenario 11.1 Canadian Fasteners is a Mississauga-based packing firm that packages nuts, bolts, and screws for various Canadian furniture companies across the country. The company has been growing at a rapid rate in the past couple of years. Previously, all HR-related functions were extremely informal or almost non-existent. With the rising turnover, and a constant struggle to retain employees during the company's rapid growth, Canadian Fasteners has decided to implement an HR system that not only will assist with the recruitment and selection process, but also will help to administer a pension and benefit program. The newly promoted HR manager is excited about the company's future and is looking forward to the new challenges, but hopes efforts to more effectively capture and retain the right talent will be worth it, as turnover has caused the firm to lose one of its biggest clients. -Refer to Scenario 11.1. Canadian Fasteners must ensure that the benefits it offers employees are fulfilling the legal requirements. Which of the following is NOT legally required?

The Conference Board of Canada has concluded that it is not possible to contain the cost of employee benefit programs.

The declining cost of health care benefits provides Canadian organizations opportunities to reduce employee benefit costs.

Which type of pension plan with fixed payouts is experiencing a decline in its use in Canada?

Which of the following statements is most applicable to the benefits costs to employers in Canada and the United States?

When organizations need to reduce their workforce, "silver handshakes" are sometimes used to encourage employees to retire before they had originally planned.

The Canada and Quebec Pension Plans both require employer and employee contributions.

Once extremely popular, group life insurance for employees has steadily declined in use.

What are holiday pay, sick leave, and vacation pay examples of?

Defined-benefit plans are declining in use in Canada.

Most of the pension plans in privately held organizations are contributory.

What are two of the largest health care costs in Canada for employers?

Raj Vickram is receiving a pension of $3,500 per month. This figure was based on a predetermined formula. What type of plan is this?

Many employers provide unneeded and unwanted types of medical benefits to their employees.

What is an important reason why employers need to communicate the extent and value of the benefits they provide?

Which of the following is based on the perspective that work-related accidents and illnesses should be considered a cost of doing business and that employees should NOT bear the costs of their treatment?