Question 1

The EI program is funded solely by contributions from eligible employees.

Accepted Answer

The Employment Insurance (EI) program is funded by contributions from both eligible employees and their employers.

Question 2

Based on survey data,the following are all benefits to employers who institute subsidized day-care centres EXCEPT

Accepted Answer

The other four options are all benefits that have been shown to result from employers offering subsidized day-care centers, but there is no evidence to suggest that the availability of such centers would lead to lower performance appraisals.

Question 3

A type of pension plan that specifies what contribution the employer will make to a retirement or savings fund set up for the employee is called a

Accepted Answer

A defined contribution pension plan specifies the amount of contributions the employer will make to the employee's retirement or savings fund, typically a percentage of the employee's salary. The employee may also make contributions. The final retirement benefit amount will depend on the investment performance of the fund. This is in contrast to a defined benefit pension plan, which specifies a guaranteed retirement benefit amount based on factors such as years of service and salary.

Question 4

A formal employer program for providing employees with counselling and/or treatment programs for problems such as mental health issues,marital/family problems,legal problems,or stress is called a(n)

Accepted Answer

The formal employer program described in the question is an Employee Assistance Program (EAP). EAPs typically provide confidential counselling and/or treatment services for a range of personal issues that can affect an employee's well-being and work performance. Legal aid benefits and AA/NA programs are more specific types of programs that address legal or substance abuse issues, respectively. Rehabilitation programs may provide similar services to EAPs, but are typically focused on recovering from a specific health condition or injury. Employee services benefits is a general term that could encompass a wide range of programs, but is not specific to the type of program described in the question.

Question 5

A job-related services benefit that is designed to help employees who must help elderly parents or relatives who are not fully able to care for themselves is known as

Accepted Answer

The benefit described is specifically designed to assist with the care of elderly relatives, making "eldercare" the most appropriate choice. The other choices are either too broad or do not accurately describe the specific type of benefit.

Question 6

A pension plan in which a certain amount of profit is credited to each employee's account,payable at retirement,termination,or death,is a

Accepted Answer

The answer of A pension plan in which a certain...

Question 7

Employers who offer a defined contribution pension plan must pay careful attention to their obligation to educate and inform plan members about

Accepted Answer

Employers offering a defined contribution pension plan must educate and inform plan members about pension investments. With a defined contribution plan, the onus of investment risk management shifts from the employer to the employee. The employee's retirement savings depend on the employee's investment skills and the performance of the investments selected. Therefore, providing information about pension investments, including risk and return, is crucial to ensure employees make informed decisions when managing their retirement savings.

Question 8

Employers must pay careful attention to their obligation to educate and ________ plan members about pension investment.

Accepted Answer

The answer of Employers must pay careful attention to their...

Question 9

A pension provision whereby employees who change jobs can transfer the lump sum value of the pension they have earned to a locked-in RRSP or their new employer's pension plan is

Accepted Answer

The description of the provision matches the definition of portability, where employees can transfer the lump sum value of their pension to a locked-in RRSP or their new employer's pension plan when they change jobs.

Question 10

Defined benefit pension plans pay out a benefit at retirement

Accepted Answer

The benefit paid out by defined benefit pension plans is based on a formula that typically uses the employee's years of service with the employer and their final earnings. This means that the benefit is not defined by the amount contributed by the employee or employer, but rather by a predetermined formula based on these factors. Union agreements may impact the terms of the pension plan, but they do not define the benefit directly.

Question 11

Employee benefits are available to specific employees and do not include health and life insurance,vacations,and child-care facilities.

Accepted Answer

Employee benefits often include health and life insurance, vacations, and child-care facilities.

Question 12

The number of EAPs in Canada is growing because they are a proactive way for organizations to reduce

Accepted Answer

EAPs (Employee Assistance Programs) are designed to assist employees with personal or work-related problems that may impact their job performance or overall well-being. By providing support and resources to employees, organizations can prevent or reduce absenteeism, turnover, and disability claims, ultimately lowering disability costs. While EAPs may also help reduce counselling costs or disciplinary actions, A) is the most direct and overarching way that they can benefit organizations financially.

Question 13

A provision in pension plans referring to the money contributed by the employer that has been placed in a pension fund and cannot be forfeited for any reason is

Accepted Answer

Vesting refers to the accumulation of non-forfeitable rights to employer-contributed funds in a retirement plan over a period of time. Once a certain amount of time has passed, the employee becomes fully vested, meaning that they have complete ownership over those funds and cannot be taken away for any reason.

Question 14

Once an employee is vested,he or she will not receive any benefit from the pension plan until

Accepted Answer

Vesting means the employee has earned the right to the pension plan benefits, but they cannot receive them until they retire. Therefore, the employee will not receive any benefit from the pension plan until retirement.

Question 15

Unemployment benefits are meant for workers who are unable to work through no fault of their own.

Accepted Answer

Unemployment benefits are intended to support workers who have lost their job due to reasons beyond their control, such as layoffs, company closures, or economic downturns. It is not meant for those who voluntarily quit their job or who are fired due to misconduct.

Question 16

The looming labour shortage based on when baby boomers start retiring is resulting in employers seeking to retain older employees.Mel's organization is experiencing this issue.One program to support this issue is

Accepted Answer

Phased retirement allows older employees to gradually transition from full-time work to retirement, allowing them to continue contributing their skills and experience to the organization while also providing them with more flexibility and work-life balance. This can help retain valuable employees and prevent the loss of institutional knowledge and experience. RRSPs, supplemental employee retirement plans, defined benefit pension plans, and defined contribution pension plans are all retirement savings plans and do not directly address the issue of retaining older workers.

Question 17

To date,the evidence regarding the actual effects of employer-sponsored childcare on employee absenteeism,turnover,productivity,recruitment,or job satisfaction is

Accepted Answer

The evidence suggests that employer-sponsored childcare has a positive effect on reducing obstacles in coming to work and improving workers' attitudes. It can alleviate concerns about childcare responsibilities and reduce absenteeism and turnover. This can lead to increased productivity and recruitment, as well as higher job satisfaction for employees. However, there may be some obstacles or negative attitudes towards work that can mitigate these effects. Overall, the evidence leans towards a positive impact on the workplace.

Question 18

The Canada/Quebec Pension Plan provides three types of benefits: retirement income,survivor benefits,and disability benefits.

Accepted Answer

The Canada/Quebec Pension Plan provides three types of benefits: retirement income, survivor benefits, and disability benefits.

Question 19

In a contributory pension plan,contributions are made by

Accepted Answer

In a contributory pension plan, both the employer and employee make contributions toward the plan. This is different from a non-contributory pension plan, where only the employer makes contributions.

Question 20

A type of retirement plan that does not guarantee the eventual pension benefit an employee will receive at retirement,but only what the employee and employer contributions to the plan will be,is called a

Accepted Answer

In a defined contribution pension plan, the employer and employee both contribute to the plan, but the eventual pension benefit is based on the performance of the investments made with those contributions. Therefore, there is no guarantee of a specific pension benefit amount, unlike a defined benefit pension plan where the employer guarantees a specific benefit amount.

Quiz 9: Employee Benefits and Services