Exam 11: Employee Benefits

In Canada,registered retirement savings plans (RRSPs)have grown significantly over the past few years.What is a key reason for this growth?

Employee benefits typically represent 40 percent of total payroll costs to employers.

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

Tommy Lee is recovering from a drug addiction problem.His employer has offered him services to help him with the recovery process.What is this service an example of?

ABC Corporation allows employees the opportunity to try out retirement with a leave program,or gradually reduce their work hours as they approach retirement age.What is this an example of?

Bob Jones was recently permanently laid off.His company,ACME Manufacturing,has issued Bob a cheque that represents one month's pay for every year Bob worked at ACME.What does this cheque represent?

What's a major disadvantage of cafeteria benefit plans?

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

Compare and contrast the risks to the employee in regard to defined-contribution and defined-benefit pension plans.

In terms of childcare provisions,which of the following is considered the most visible and desired solution?

Stella Vickram will receive a pension of $2500 per month if she continues to work with ABC Media until she retires.She is now 45 years old.What type of plan is this?

How are childcare programs and eldercare programs similar?

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

It is primarily the responsibility of the employee to remain informed about the benefits he or she receives.

Which of the following is a fast,convenient,and interactive way employees can learn about or change their benefits?

In a defined-contribution pension plan,the amount an employee is to receive upon retirement is specifically set forth.

To reflect the social changes Canada is facing,employers are increasingly tailoring their benefits programs to be family friendly.

Company-sponsored preretirement programs force employees to think about what their lives will be like after they leave the organization.

Health care benefits are considered "discretionary" because employers are not required by law to provide them.

Long-term disability plans normally provide a disabled employee with 90-100 percent of their pre-disability income.