Midterms

Question 1

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

Answer 1

Compensation

Question 2

refers to the form of compensation paid by employers over and above regular salary or wages

Answer 2

Benefits

Question 3

refers to an official monetary plan designed to motivate and recognize employees’ performance. The use of incentive programs increased in the 1980s, largely because of concerns over productivity

Answer 3

Incentive Programs

Question 4

are a typical incentive. Under such a program, employees who sell a certain number or amount of goods for the year receive a special payment. Employees who do not reach this goal earn no bonus. For example, executives may receive stock options and bonuses as incentives.

Answer 4

Sales bonuses

Question 5

It distribute bonuses to all employees in a company based on reduced costs from working more efficiently

Answer 5

Gain- sharing incentives

Question 6

are based on the company’s profitability level. Profits acquired over and above a specific quota are shared with employees. Stock ownership by employees serves as an incentive to lower costs, increase productivity and profits, and thus increase the value of the employees’ stock.

Answer 6

Profit-sharing plans

Question 7

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. Proponents of comparable worth say that all the jobs in a company must be evaluated and then rated in terms of basic dimensions such as the level of skill they require. All jobs could then be compared based on a common index.

Answer 7

Comparable Worth

Question 8

refer to the form of compensation paid by employers over and above regular salary or wages.

Answer 8

Benefit Programs

Question 9

The State shall afford protection to labor, promote full employment, ensure equal work opportunities regardless of sex, race or creed, and regulate the relations between workers and employees. The state shall assure the rights of workers to self-organization, collective bargaining, security of tenure, and just and humane conditions of work.” The laws that concern the above provisions are

Answer 9

the Labor Code of the Philippines

Question 10

Labor code as amended on minimum wage,

Answer 10

like PD 928

Question 11

amended on 13th month pay,

Answer 11

PD 851

Question 13

amended on emergency allowance, and social security laws like the Social Security Law

Answer 13

PD 525

Question 14

applies to employees in private enterprises, be they in agriculture, industry, or trade. Employees of religious, charitable, and educational organizations are also covered by the law. The law covers all employees in the government service-national, provincial, municipal, and city, or those in government owned or controlled corporations. This law does not apply to farm tenancy, household service, and employment in needlework in the houses or in any cottage Industries Development Authority. The Minimum Wage Law is applicable to all employees except home workers engaged in needlework by hand, workers on farm tenancy, domestic servants, retail or service establishment that regularly employ not more than five employees, and apprentices, handicapped workers, students and graduates of Nautical School.

Answer 14

Republic Act 602, known as the Minimum Wage Law