WEEK 7

Question 1

Social Security System (SSS)

Answer 1

a state-run social insurance program for private,
professional, and informal sector workers, with government employees covered by
a separate state-pension fund.

Question 2

Home Development Mutual Fund (HDMF)

Answer 2

The Pag-IBIG Fund offers housing
loans to government and private employees, while PhilHealth provides medical
care to employees through the Philippine Health Insurance Corporation.

Question 3

required contribution

Answer 3

GSIS, Pag-IBIG Fund, and PhilHealth

Question 4

Employee benefits

Answer 4

are an indirect form of compensation that organizations
provide to their workers through programs, policies, or services.

Question 5

BENEFIT PROGRAM

Answer 5

1. Social Insurance
2. Pay for time not worked (Supplemental Pay Benefits)
3. Family Friendly Policies
4. Retirement Insurance

Question 6

1. Social Insurance

Answer 6

refers to citizen-funded,
government-administered programs that assist the community in times of
financial insecurity, whether due to financial hardship, disability, or old age.

Question 7

2. Pay for time not worked (Supplemental Pay Benefits)

Answer 7

Paid time off (PTO) may
include vacation, sick time, and personal time, as well as paid holidays and
paid leave for other reasons such as bereavement or jury duty.

Question 8

3. Family Friendly Policies

Answer 8

a type of benefit that allows employees to work in
a flexible environment so that they can care for their children and loved
ones

Question 9

4. Retirement Insurance

Answer 9

entails determining retirement income goals and the
resources required to meet those goals. Retirement planning entails
identifying income sources, estimating expenses, putting a savings plan in
place, and managing assets and risk

Question 10

WORKERS’ COMPENSATION

Answer 10

” is a governmentmandated program that provides benefits to employees who are injured or
become ill on the job or as a result of their job. It is essentially a workers’
disability insurance program that provides cash benefits, healthcare
benefits, or both to workers who are injured or ill as a direct result of their
jobs.

Question 11

WORKERS’ COMPENSATION

Answer 11

1. Disability Income
2. Medical Care
3. Death Benefits

Question 12

1. Disability Income

Answer 12

a type of insurance policy that provides
income to people who are unable to work due to a disability.

Question 13

TYPES OF GROUP INSURANCE

Answer 13

Formal Group -
Informal Group

Question 13

TYPES OF DEATH BENEFITS

Answer 13

All-cause death benefits
icy.
Accidental Death Benefits (ADB)
Accidental death and dismemberment Benefits (ADDB)

Question 13

group insurance policy

Answer 13

covers a group of people under the
same contract. A group insurance plan provides the same level of insurance
coverage to all members of a group, regardless of age, gender, occupation,
or socioeconomic status

Question 14

Informal Group

Answer 14

• An informal group’s members may be members of a
  society or cultural association. They may share a credit card or account.
  The policy is purchased on behalf of the group members by the group owner
  or administrator.

Question 14

Formal Group

Answer 14

All members of a formal group, also known as an employer employee group, work for the same employer or group owner. A formal
group includes a company, a business organization, and a professional
organization. The employer purchases the insurance plan

Question 15

ELIGIBILITY CRITERIA

Answer 15

Here are the requirements for group insurance eligibility.
* Minimum age of entry is 18 years.
* The maximum age varies. Some plans have a maximum age limit of 60
years, while others allow entry until the age of 80.
* The minimum number of group members varies depending on the type of
group insurance plan. Some plans may necessitate a group size of at least
ten people. Others may require a group of 50 members to be eligible for
group insurance.
* All members must be active and full-time members of the group.

Question 16

Short-Term Disability (STD):

Answer 16

Provides benefits for a limited duration,
typically a few weeks to a few months, covering temporary disabilities.

Question 17

Retirement planning

Answer 17

involves setting financial goals, estimating future expenses,
and developing strategies to accumulate sufficient savings to maintain a desired
standard of living during retirement.

Question 18

Health Maintenance Organization (HMO)

Answer 18

A health care plan that provides
benefits on a prepaid basis for employees who are required to use only HMO
medical service providers.

Question 18

Preferred Provider Organization (PPO)

Answer 18

A group of health care providers who
contract with employers, insurance companies, and so forth to provide health care
at a reduced fee.

Question 18

Pre-Retirement Planning

Answer 18

the process of preparing for one’s retirement years by
assessing and addressing various financial, lifestyle, and personal factors.

Question 18

Employee Assistance Programs (EAPs):

Answer 18

Offering EAPs that provide
counseling, support, and resources for employees and their families can contribute
to a supportive work environment.

Question 19

Family Medical Leave Act (FMLA) Compliance

Answer 19

Ensuring compliance with FMLA
regulations, which provide eligible employees with unpaid leave for certain family
or medical reasons, can be part of family-friendly policies.

Question 20

Lactation Support:

Answer 20

Providing a private and comfortable space for nursing
mothers and allowing flexible break times for breastfeeding or expressing milk
supports the transition back to work after maternity leave.

Question 21

Bereavement Leave

Answer 21

Some companies offer paid time off to employees who have
experienced the loss of a close family member. This is a compassionate policy to
support employees during difficult times

Question 22

DEFINED CONTRIBUTION PLAN

Answer 22

defined contribution plans do not
commit to providing a predetermined retirement benefit for employees. Instead,
each employee is allocated an individual account, wherein a fixed contribution,
either a predetermined amount or a percentage of their paychecks, is set aside to
fund their retirement.

Question 23

DEFINED BENEFIT PLAN

Answer 23

A defined benefit plan guarantees a specified retirement benefit level to
employees, typically based on a combination of years of service, age, and the
employee’s earnings level.

Question 24

➢ Retirement Age:

Answer 24

• The age at which individuals choose to retire can vary. Some may retire
  as early as their 50s, while others may continue working well into their
  70s or beyond. Retirement age may also be influenced by factors such
  as health, financial stability, and personal preferences