Employee benefits include non-wage compensation in addition to regular salary. Various types of employee benefits typically include medical insurance, dental and vision coverage, life insurance and retirement planning, but there can be many more types of benefits and perks that employers choose to provide to their employees.
Full Answer
Which employees are most concerned about benefits?
Younger employees are more concerned about life insurance. Young, unmarried men often have more interest in benefits. Young, unmarried women have less interest in high salary and wages. Women of childbearing age care more about disability leave.
What is an employee’s understanding of benefits?
A. Employees have a thorough understanding of what benefits they have and what the market value of these benefits is. B. Employees significantly underestimate the cost and value of their benefits. C. Employers do an effective job of communicating the cost and value of benefits to their employees.
Which benefit plan limit employees awareness of what the employer provides?
Written benefits will reach all working citizens as they are all literate. Cafeteria plans limit employees' awareness and appreciation of what the employer provides. Which of the following media is least used by organizations to communicate benefit plans?
Who prefers to give new employees better wages than benefit packages?
Shelly, the operations manager, prefers to give the new employees better wages than benefit packages. Tanya, the HR manager, disagrees with her. Which of the following, if true, will strengthen Tanya's argument?
Which of the following is considered an employee benefit?
Employee benefits are any benefits provided to employees in addition to their base salaries and wages. A complete employee benefits package may include health insurance, life insurance, paid time off (PTO), profit sharing, retirement benefits, and more.
What are 3 common employee benefits?
10 Most Commonly Offered Employee BenefitsHealth Insurance Benefits. This one is a no-brainer. ... Life Insurance. ... Dental Insurance. ... Retirement Accounts. ... Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs) ... Paid Vacation and Sick Time. ... Paid Holidays. ... Paid Medical Leave.More items...•
Which of the following employee benefits is mandated by law quizlet?
Mandatory Benefits: Certain other benefits, including Social Security, unemployment insurance, workers' compensation, and family and medical leave, are mandatory under federal or state law.
What is an employee benefit quizlet?
Employee Benefits. Are indirect financial payments given to employees. They may include supplemetary health and life insurance, vacation, pension plans, education plans, and discounts.
What are 5 employee benefits?
Here is a list of the top five types of benefits employers can offer to employees - each can be a valuable tool for recruiting and retaining employees.1) Health Benefits. ... 2) Retirement. ... 3) Workplace Flexibility. ... 4) Wellness Program. ... 5) Tuition Reimbursement.
What are the 4 major types of employee benefits?
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we've loosely categorized these types of employee benefits and given a basic definition of each.
Which of the following employee benefits is mandated by law?
Vacation, health insurance, long-term disability coverage, tuition reimbursement, and retirement savings plans are just a few of the many benefits employers may offer employees.
Which of the following benefit is legally required employee benefits?
The legally required benefits covered in this issue of Program Perspectives are Social Security, Medicare, federal and state unemployment insurance, and workers' compensation. The focus here is on the employer's portion of the cost of these benefits.
Which of the following is true about a defined benefit plan quizlet?
Which of the following statements is TRUE of a defined benefit plan? Under a defined benefit plan, the amount of retirement benefit is fixed and the employee knows the amount.
Which of the following is not a employee benefit?
The correct answer is (c) i.e. Repair of Factory Machine.
Which is not an employee benefit?
An employee benefit is any form of compensation a worker receives other than his stated hourly wage or salary. Common types of employee benefits include health insurance coverage, access to a retirement plan, dental insurance and vacation benefits. Non-benefited employees do not receive any of these job benefits.
Why are employee benefits important to employees?
A good benefits package can make employees feel rewarded and appreciated for their work. Benefits also provide support to an employee's family, health, and financial future which can help attract and retain top talent.
What is a retirement plan?
retirement plan in which the employer sets up an individual account for each employee and contributes a percentage of the employee's salary; the account earns interest at a predefined rate. Cash balance plans. All contributions come from the employer. • Rate guaranteed in a defined benefit plan.
Can groups of employees receive a cost advantage over individuals?
E. Groups of employees can typically receive a cost advantage over individuals
Is a medical retirement plan considered a benefit?
D. Medical and retirement plans are not part of benefits
Is government involvement in benefits decisions minimal?
A. Government involvement in benefits decisions is minimal
Does a company have to have minimum earnings to be fully insured?
D. It does not require minimum earnings to be fully insured
Is the tax treatment of benefits programs less favorable for employees than the tax treatment of wages and salaries?
A. The tax treatment of benefits programs is less favorable for employees than the tax treatment of wages and salaries
When do workers receive increased benefits?
C. Workers receive increased benefits when they earn more than the exempt amount.
Which is more difficult to understand by employees than pay structures?
C. Benefit packages are more difficult to understand by employees than pay structures.
What makes HR's tasks complicated?
E. Different employees look for different types of benefits, which makes HR's tasks complicated.
Why does Steven disagree with the decision to offer retirement plans exclusively to the organization's owners and top managers?
Steven, one of the top managers, disagrees with this decision because he believes the company can benefit more by providing pensions to a broad range of employees.
Do employees expect benefits?
A. Some benefits have become so common that today's employees expect them.
Is it easier to pay compensation in benefits or cash?
A. It is simpler to pay compensation in benefits than in cash.
Does the federal government have mandatory retirement plans?
E. The federal government does not have mandatory requirements for specific retirement plans.
What does an earnings test do?
An earnings test increases a person's incentive to retire.
Does a company have to have minimum earnings to be fully insured?
It does not require minimum earnings to be fully insured.
Do employees always know about benefits?
Employees are always aware of the benefits available to them as well as how to use them.
Is tax treatment of benefits programs less favorable for employees than the tax treatment of wages and salaries?
The tax treatment of benefits programs is often less favorable for employees than the tax treatment of wages and salaries. E. Employees are always aware of the benefits available to them as well as how to use them. Click card to see definition 👆. Tap card to see definition 👆.
Is government involvement in benefits decisions minimal?
Government involvement in benefits decisions is minimal . Impact of legal regulations on benefits is greater than they are on direct compensation. Understanding the value of a dollar in a benefits package is more complicated than understanding it in a salary.
Can groups of employees receive a cost advantage over individuals?
Groups of employees can typically receive a cost advantage over individuals.
Is the premium for high risk occupations the same as the premium for low risk occupations?
The premium for high-risk occupations is lesser than the premium for low-risk occupations. The premium is the same no matter which state the firm is located in if the injury is the same. The compensation mostly covers minor injuries such as sprains and strains than dramatic injuries.
Which of the following is true about employee benefits?
) Which of the following is true about employee benefits?#N#A) Government involvement in benefits decisions is minimal .#N#B) The impact of legal regulations on benefits is greater than that on direct compensation.#N#C) Understanding the value of a dollar in a benefits package is more complicated than understanding it in a salary.#N#D) The tax treatment of benefits programs is often less favorable for employees than is the tax treatment of wages and salaries.#N#E) Employees are always aware of the benefits available, as well as how to use them.
Which is less favorable for employees: tax treatment of wages or salaries?
A) The tax treatment of benefits programs is less favorable for employees than the tax treatment of wages and salaries.
What does the earnings test do?
E) An earnings test increases a person's incentive to retire.
How is unemployment financed?
The unemployment insurance program is financed largely through federal and state taxes on
What age does the earnings test exist?
B) An earnings test exists for those beneficiaries aged 50 and under.
Does a company have to have minimum earnings to be fully insured?
D) It does not require minimum earnings to be fully insured.
Is government involvement in benefits decisions minimal?
A) Government involvement in benefits decisions is minimal .
Why are employee benefits important?
Employee benefits primarily have been designed to give an employer a way to reduce tax liability.
How long after the end of the taxable year is a plan deferred?
A plan is deferred compensation if the payment is made more than 2½ months after the end of the taxable year of the corporation.
How long can you defer tax on a bonus?
Bonuses generally offer an opportunity for the employee to defer taxation of compensation for more than one year.
Is a bonus taxable to the employee?
Bonuses are taxable to the employee as ordinary income.
Why are flexible benefits offered?
They increase the involvement of employees in choosing benefit plans. Cost pressure related to increasing diversity of the workforce is one of the reasons companies are offering flexible benefit plans. True. A job ad stating generous benefits leads applicants to place higher value on benefits in choosing among jobs.
Why do employers prefer non-contributory approach to financing benefits?
Employers prefer the noncontributory approach to financing benefits because this allows greater control of costs.
How long does DLG exclude new recruits from benefits?
DLG Corp. excludes its new recruits from benefit coverage until they complete a year
Why are new benefits more difficult to introduce?
New benefits are more difficult to introduce. A major reason for the proliferating cost of benefit programs is the narrow focus of benefit administrators.
How can a company remain non-union?
According to available evidence, companies can successfully remain nonunion by offering the same benefits as those provided by unionized firms.
Why do employees use intranet?
Employees prefer using their company's intranet for accessing their benefits information as they do not need to complete lengthy paperwork.
When the future cost containment of a benefit may be a problem, should the benefit be offered?
If the future cost containment of a benefit may be a problem, the benefit should be offered on a noncontributory basis.
When do monthly benefits decrease?
The monthly benefit in dollars decreases after the first five years of retirement. e. The monthly benefits do not go up after a certain level. The monthly benefits do not go up after a certain level.
What does Weber use benefits for?
Weber uses benefits as a means to recruit and attract employees. This type of strategy led to the tremendous growth of benefits in this country and was first implemented due to?
What is employee benefit?
employee benefits provide a means for an organization to provide greater rewards to employees without increasing overall labor costs.
Why is base pay important?
Base pay is always an effective motivator for performance, especially for employees with the responsibility to support a family.
Why are group incentives not at risk?
Group incentives are not at risk because the synergy of a group ensures productivity.
What is the largest component of most compensation packages?
Health insurance is the largest component of most compensation packages.
Is legally required benefit at risk?
Legally required benefits are not at-risk compensation.
