CEBS GBA 1 - Directing Benefits Programs Exam With Complete Solutions

CEBS GBA 1 - Directing Benefits Programs Exam With Complete Solutions Broad view of Employee Benefits - answerThis view sees employee benefits as virtually any form of compensation other than direct wages. Components of the Broad view of Employee Benefits - answer1. Employer's share of legally required payments (Social Security and Medicare, unemployment insurance, and worker's compensation benefits) 2. Payments for time not worked (e.g. paid rest periods, paid sick leave, paid vacations, holidays, parental leave, etc). 3. Employer's share of medical and medically related payments 4. Employer's share of retirement and savings plan payments. 5. Miscellaneous benefit payments (inducing employee discounts, severance pay, educational expenditures, and child care). Employer's Share of Legally Required Payments - answerSocial Security, Medicare, Unemployment Insurance, & Workers Compensation Narrow View of Employee Benefits - answerAny type of plan sponsored or initiated unilaterally or jointly by employers and employees in providing benefits that stem from the employment relationship that are not underwritten or paid for directly by the government. The Narrow View of Employee Benefits Excludes what benefits? - answerLegally Mandated (Employer funding for Social Security Benefits and Workers' compensation). Reasons for Growth of Employee Benefits - answerEmployers want to attract and retain capable employees. An Employer's competition has certain benefit plans, and it is necessary to have equal or better plans to attract and retain employees. Taft-Harley Act - answerAlso known as the Labor-Management Relations Act, or LMRA. It has established the distinction between retirement benefits and welfare benefits such as life and health insurance. The statute sets forth the basic regulatory framework under which both of these major categories of benefits are to be jointly administered with the collective bargaining process.