Exam 11: Employee Benefits

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

The collective bargaining agreement between ACME Inc.and the union CUPA 1003 Local requires the employer to provide a limited vision care package.Workers are demanding more.Who will determine any new package?

Canada has experienced a growth in the proportion of part-time workers (versus full-time)over the past decade.What is a key reason for this growth?

The growth in health care costs can be attributed to a number of factors,including the greater need for health care by an aging population.

Canadian employees may retire at age 45 and begin drawing a reduced pension from CPP/QPP and other sources such as RRSPs.

Justin Bryant worked for ABC Corporation for ten years before leaving.He was told that his benefits have vested.What does this mean?

CPP and QPP have universal portability-that is,an employee has the right to claim benefit credits wherever they are employed in Canada.

Which of the following benefits must be provided by employers in Canada because it is legally required?

A predetermined formula is used to calculate retirement benefits under what type of benefit plan?

Some benefits are now considered rights to which employees are entitled,rather than a gift of the employer.

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?

A large portion of an organization's total payroll is devoted to employee benefits and this figure has risen over the past few decades.Which of the following has NOT contributed to this increasing cost?

Benefits programs should be based on specific objectives in line with the organization's strategic compensation plan.

Childcare,eldercare and extended leave policies are all examples of employee services.

Many firms outsource their cafeteria plans to a professional vendor because of the complexity of administering the system.

James Callaghan has worked full-time for BC Metals for four years.He has learned from the HR manager that his earned pension benefits cannot be revoked by the employer.Why is this so?

Which statement best describes flexible benefit plans?

Once employees have two years of service,they are considered,in terms of their pension fund,fully vested and locked in.

Employer health plans are generally restricted to medical,surgical,and hospital expenses.

People who have been resident in a Canadian province for three months are eligible to receive health care benefits.