Unit 3: Compensation & Benefits Flashcards
The Standard Hour Plan is a type of
Group incentive
The two main objectives of consumer-directed healthcare
cost savings and more choice for employees
The 3 objectives a sound wage-level policy is expected to achieve are:
- attract an adequate supply of labor
- to keep present employees satisfied with their compensation
- to avoid costly turnover
The MOST extensive government wage surveys are conducted by
Bureau of Labor Statistics
What is a necessary condition for an effective merit pay program?
Sufficiently wide pay range to reward performance differences.
According to HIPAA. if an employee has been continuously covered by another health-care policy for at least 12 months
then no preexisting conditions can be imposed
Employees who are called back to work because of emergencies often receive an additional premium called
call-back pay
The primary difference between a health reimbursement arrangement (HRA) and a health savings account (HSA) is
HRAs are funded by employers and unused money cannot be refunded to employees
For DIY wage surveys to be effective, 4 conditions must be met. The survey must be:
- Reciprocal
- Anonymous
- Low-cost
- Timely
Customarily and regularly directs the work of at least two or more full-time employees or their equivelant
executive exemption
primary duty must be the performance of work requiring advanced knowledge defined as work which is predominantly intellectual in character
professional exemption
primary duty includes the exercise of discretion and independent judgement with respect to matters of significance
administrative exemption
The Fair Labor Standards Act (FLSA) restrictions on the employment of minors ends at what age?
18
Whether an employee is classified as exempt or nonexempt under the FLSA is determined by
the employees’ duties and responsibilities
The Pregnancy Discrimination in Employment Act requires employers to
treat pregnancy and child-birth related conditions like any other disability
ERISA requires employers to communicate their benefits programs in
a summary plan description
A medical plan emphasizing preventative medicine, which provides medical care on a continuous basis to employees, and for which employers pay a fixed monthly fee
Health Maintenance Organization (HMO)
The incentive program where supervisors grant pay based on performance is called
merit pay
Child labor is legislated by
Fair Labor Standards Act (FLSA)
A total rewards statement is
a statement describing each employees compensation, benefits, and insurance.
Private pension funds are regulated by the
Employee Retirement Income Security Act (ERISA) of 1974
The idea that employees should be compensated according to the requirements of their jobs and how well they perform them is considered
a useful compensation maxim
The MAJOR difference between straight piece work and differential piece-rates is that
differential piece-rates paid a higher rate to those who exceeded the standard
Under a Halsey Premium Plan, workers would receive a bonus if
they completed a job faster than the standard time
