Chapter 13

Question 1

Employers today are challenged by the rising costs of benefits they provide to their employees. However expensive they have come to realize the value of benefits as they help to…

Answer 1

RECRUIT and RETAIN employees.

Question 2

The costs of benefits are either a shared financial responsibility of the employer and employee or the employer covers the total costs. One example of a shared financial benefit is for _________while an example of a total cost coverage is _______

Answer 2

• Healthcare

- Sick time

Question 3

In the event of an injury on the job he/she will receive financial support while out of work through ________ . ______ is what is provided to an employee who is terminated from their job on a short term basis to assist financially.

Answer 3

• WORKER’S COMPENSATION

- SEVERANCE PAY

Question 4

Employers offer pension plans which are either fully financed by them or shared with the employees. Most companies offer an IRA or ________ designed for the employee to make untaxed voluntary contributions until they retire and move with them from job to job.

Answer 4

• INDIVIDUAL RETIREMENT ACCOUNT

Question 5

Financial contributions made by the employee to help fund their medical care at the site that it is given are called _____ If the employer covers an individual health plan for an annual amount of $12,000.00 and the employee’s paycheck contribution is $100.00 for 26 pay periods for the year the employee’s annual out of pocket contribution is _____

Answer 5

• CO PAY

- 2600

Question 6

Employers have turned to the use of ______ to help cover their employee’s healthcare. However the more healthcare claims that are made the _______ the annual premium charged by them to the employer. This constant increase in the healthcare premiums are passed on to the employees through _____ and ______

Answer 6

• managed care
• higher
• COPAY and DEDUCTIBLES.

Question 7

_______ is an extension of healthcare benefits to the eligible employees who voluntarily quit. They are responsible for their share of the monthly contribution and is available to them for up to _____

Answer 7

• COBRA

- 36 months

Question 8

FMLA stand for the ________ which is a federal law enacted in 1993 to assist employees with an illness of their own or of a loved one for a period of up to ____ provided the employee has worked for not less than______ with the company. They are guaranteed their job when they return to work.

Answer 8

• Family medical leave act
• 12 weeks
• 12 months

Question 9

Three types of paid time off are:

Answer 9

VACATION, SICK AND PERSONAL.