Question 1

The types of benefits that may be in demand for employees in the future are all of the following except:

Accepted Answer

Out of Canada coverage is typically related to travel insurance and may not be a primary concern for future employee benefits compared to the other options, which focus on personal well-being and work-life balance.

Question 2

Defined Contribution (DC)Plans are benefits plans based on:

Accepted Answer

DC plans are also known as contribution plans, where the final pension depends on the contributions made by both the employers and employees, investment income, and economic conditions at retirement. DC plans are different from defined benefit (DB) plans, which are based on a formula that considers factors like the employee's age and length of service, and the employer assumes responsibility for funding.

Question 3

Defined Benefits (DB)Plans are benefit plans whose benefits are determined by:

Accepted Answer

Defined Benefit (DB) plans are benefit plans in which the employer assumes responsibility for funding the plan and the benefits are determined by a formula based on age and length of service. The employer guarantees a certain level of benefit to the employee at retirement, regardless of how the pension fund has performed over the years. This is different from Defined Contribution (DC) plans, where the final pension depends on amounts contributed, investment income, and economic conditions at retirement, which are often managed by the employee.

Question 4

The two types of Registered Pension Plans offered by employers to their employees are:

Accepted Answer

Defined benefit plans guarantee a specified retirement income for the employee based on factors such as salary and years of service. Defined contribution plans involve contributions from both the employee and employer, with the final retirement income being based on investment performance. These are the two main types of registered pension plans offered by employers.

Question 5

Management has to take into account changes in the labour force that will influence the type of benefits that will be desired by employees in the future.These labour force changes include all of the following except:

Accepted Answer

The labour force expecting fewer employees to choose retirement is not a labour force change since retirement is a personal decision and may vary from individual to individual. The other options are valid labour force changes that can influence the type of benefits desired by employees in the future.

Question 6

To cover the requirements of the Pension Benefits Standards Act,the means of funding private organizational pension plans must be carried out by one or another of the following except:

Accepted Answer

All of the options except for D are valid means of funding private organizational pension plans according to the Pension Benefits Standards Act. However, a private trust company formed solely of employees and the employer is not a valid means of funding under this Act.

Question 7

The federal Pension Benefits Standards Act requires that:

Accepted Answer

The federal Pension Benefits Standards Act requires that the funds not be under the complete custody and control of either the employer or the employees. Instead, pension funds are typically held in trust by a third-party administrator, such as a bank or investment company, to ensure that they are managed properly and not subject to misuse. This helps to protect the pension plan participants from the risk of financial loss due to mismanagement or fraud. The Act also sets minimum standards for contributions, vesting, and benefit payments, among other things, to ensure that pension plans are fair and sustainable over the long term.

Question 8

With the exception of Saskatchewan,federal and provincial laws specify an annual minimum vacation entitlement of __________ or greater for employees with less than 5 years of employment with the company

Accepted Answer

Federal and provincial laws specify an annual minimum vacation entitlement of two weeks or greater for employees with less than 5 years of employment with the company, except in Saskatchewan where the minimum entitlement is one week.

Question 9

Voluntary employee insurance benefits can include all the below except:

Accepted Answer

Health insurance plans such as the Medical Care Act are not considered voluntary employee insurance benefits as they are government-run programs. The other options (A, B, C, and D) are all examples of voluntary employee insurance benefits that an employer may offer to their employees.

Question 10

Relocation programs are designed to:

Accepted Answer

Relocation programs are specifically designed to assist employees who must move in connection with their job. This typically involves providing support in the form of both financial assistance and services such as housing and transportation. The other options listed are not typically considered to be part of relocation programs.

Question 11

Additional insurance that companies can provide for employees can include all of the following except:

Accepted Answer

There is no such thing as vacation time insurance. Vacation time is considered a benefit and not an insurable event. The other options are common additional insurance options that companies can offer to employees.

Question 12

Some employee services that organizations can offer employees beyond pay and the more traditional benefits can include all of the following except:

Accepted Answer

Severance pay is typically only offered in the event of involuntary termination and is not a service provided to employees on an ongoing basis. The other options listed (stock purchase programs, drug rehabilitation programs, family counselling, and subsidized home-ownership mortgages) are examples of employee services that organizations may offer beyond pay and traditional benefits.

Question 13

Paid time-off benefits for employees can include all the below except:

Accepted Answer

The answer of Paid time-off benefits for employees can include...

Question 14

Canada's public health and medical insurance coverage is provided by:

Accepted Answer

Canada's public health and medical insurance coverage is provided by the provincial governments with assistance from the federal government. This means that the federal government provides funding and sets national standards, but each province is responsible for administering their own health insurance plan. It is not provided by employees through direct payroll deductions or by private insurance companies as a free service.

Question 15

Workers' Compensation Acts are administered by:

Accepted Answer

Workers' Compensation Acts are administered by the provincial governments of each province. Each province has its own Workers' Compensation Board (WCB) that is responsible for administering the program, processing claims, and providing benefits to injured workers. The federal government only has jurisdiction over workers in certain industries, such as banking or telecommunications. Employers and employees' unions may have involvement in the program, but they are not the administrators. Private certified outside agencies are not involved in administering Workers' Compensation Acts.

Question 16

Some organizations offer more than pay and traditional benefits,including all the following except:

Accepted Answer

Workers' compensation is a traditional benefit provided by organizations and is not an additional benefit offered beyond pay and traditional benefits. The other options listed (educational assistance, employee discounts, employee assistance programs, and relocation programs) are examples of additional benefits offered by some organizations.

Question 17

Employees usually seek employer-provided benefits and services because all the following except:

Accepted Answer

Seeking employer-provided benefits and services in order to keep their jobs is not a common reason for employees. The other options are common reasons - lower costs and availability, lower income taxes, protection from inflation, and obtaining supplementary benefits that may not be obtainable otherwise.

Question 18

Vesting is a provision in employer-provided pension plans that:

Accepted Answer

Vesting refers to the right of an employee to receive certain benefits from their employer-provided pension plan after a specified number of years of service. In other words, vesting ensures that employees have earned the right to receive their pension benefits upon retirement, even if they leave their employer before retirement age. Employers may offer different vesting schedules, which determine when employees become vested in their pension benefits.

Question 19

Employee Assistance Programs (EAP)are comprehensive company programs that:

Accepted Answer

Employee Assistance Programs (EAP) are designed to help employees and their families overcome personal and work-related problems, including issues that may be affecting their mental health, such as stress, anxiety, or depression. EAPs typically offer counseling services, referrals to specialists, and resources to help employees deal with a wide range of personal and professional issues. While EAPs may also offer some support for specific work-related problems, their primary focus is on helping employees navigate life's challenges both inside and outside of the workplace.

Question 20

Some optional non-insurance benefits that can enhance employee security can include all the following except:

Accepted Answer

Canada Pension Plan is a government-run program and not an optional non-insurance benefit that can be offered by an employer. All other options listed, including supplemental unemployment benefits, defined benefit plans, employment income security, and defined contribution plans, are examples of non-insurance benefits that can enhance employee security.

Quiz 10: Employee Benefits and Services