A form of compensation whereby the employee receives a predetermined amount of benefit dollars to spend on a benefits package he or she has selected to meet individual needs is called a(n)
A) flexible compensation plan.
B) employee benefits plan.
C) Social Security account.
D) flexible benefit plan.
E) optional benefits package.

Question

Quizplus · Accepted Answer

A flexible benefit plan, also known as a cafeteria plan, offers employees a predetermined amount of benefit dollars that they can use to choose the benefits that best meet their individual needs. The plan typically includes options for health, dental, vision, life insurance, long-term care, and retirement benefits. The key advantage of a flexible benefit plan is that it allows employees to customize their benefits package to meet their specific needs, which can improve their job satisfaction and retention rates.

A Form of Compensation Whereby the Employee Receives a Predetermined