COMPENSATION AND BENEFITS (FINALS)

Question 1

is an organized system that provides monetary compensation to employees in exchange for work performance

Answer 1

COMPENSATION

Question 2

refers to an official monetary plan designed to motivate and recognize employee’s performance.

Answer 2

INCENTIVE PROGRAM

Question 3

is a legal principle or concept stating that regardless of sex employees should be compensated equally for jobs involving the same degree of skills, responsibilities, and effort performed on the job.

Answer 3

COMPARABLE WORTH

Question 4

now often comprise over half a firm’s total compensation budget. Most companies are required by law to provide worker’s compensation, holiday pay, and insurance contributions. Most businesses also voluntarily provide extended health, life, and disability insurance.

Answer 4

BENEFITS

Question 5

is the additional compensation payable to employee for services or work rendered beyond the normal eight hours of work. It is computed by multiplying the overtime rate with the number of hours in excess of the regular eight hours of work.

Answer 5

OVERTIME PAY

Question 6

Any work performed beyond the normal 8 hours of work in one workday is considered as

Answer 6

Overtime Work

Question 7

is the consecutive 24-hour period which commences from the time the employee starts to work and ends at the same time the following day. To illustrate, if the employee regularly works from 8 a.m. to 4 p.m., his regular workday is the 24-hour period from 8 a.m. to 8 p.m. of the following day.

Answer 7

WORKDAY

Question 8

 Work performed by the employee need not be continuous as long as it falls within the same workday. Under time Cannot Be Offset by Overtime

Answer 8

Work Need Not Be Continuous

Question 9

As a general rule, employees may not be compelled to work in excess of eight hours or to render overtime work on any given day against his or her will.

Answer 9

Emergency Overtime Work

Question 10

Employees who are uniformly paid by the month, irrespective of the number of working days therein, with a salary of not less than the statutory or minimum wage, shall be presumed to be paid for all days of the month. A covered employee who is on leave of absence with pay shall also be entitled to receive holiday pay.

Answer 10

MANAGERIAL EMPLOYEES

Question 11

All employees, whether operating for profit or not, including public utilities operated by private persons, shall provide their employees with a weekly rest day as provided in the Labor Code.

Answer 11

WEEKLY REST PERIOD