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CEBS: GBA 1, Module 1 New /28 Questions And Answers
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- CEBS: GBA 1, Module 1 New 2023-2024
CEBS: GBA 1, Module 1 New /28 Questions And Answers
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CEBS: GBA 1, Module 1 New 2023-2024 /28Questions And Answers
Quiz :Employee Benefits - Answer :All forms of financial returns and tangible
services and benefits employees receive as apart of an employee relationship
Quiz :Broad View of Employee Benefits - Answer :Virtually any form of
compensation other than direct wages, including:
1. Employer's share of legally required payments (Social security and medicare,
unemployment insurance and worker's compensation benefits)
2. Payment for time not worked (paid rest periods, paid sick leave, paid
vacations, holidays, parental leave and the like)
3. Employers share of medical and medically related payments
4. Employer's share of retirement and savings plan payments
5. Misc. benefits payments (employee discounts, severance pay, educational
expenditures, and childcare among others)
Quiz :Limited View of Employee Benefits - Answer :Any type of plan
sponsored or initiate unilaterally or jointly by employers and employees in
providing benefits that stem from the employment relationship that are not
underwritten by or paid for directly by government
Quiz :Reasons for Growth of Employee Benefits - Answer :1. Business Reasons
2. Collective Bargaining -Labor management relations act (LMRA) /Taft-Hartley
Act
3. Favorable Tax Legislation
4. Efficiency of the Employee Benefits Approach
5. Other Factors
Quiz :Business Reasons - Answer :To attract and retain capable employees;
the employers competition may have benefit plans and it's necessary to have
equal or better plans to attract and retain employees.
Quiz :Collective Bargaining - Answer :Labor unions have had a historical
impact on benefits, through collective bargaining. In 1948 the National Labor
Relations Board (NLRB) ruled in the Inland Steel case that to bargain over
wages included insurance and fringes such as pension benefits. Shortly after
that W. W. Cross & Co. case ruled that wages included a health and accident
plan
, Quiz :The Labor Management Relations Act (LMRA) -
Taft-Hartley Act - Answer :Set forth the framework for various labor relations
including employee benefits. It along with the Internal Revenue Code (IRC)
established the distinction between retirement benefits and welfare benefits,
such as life and health insurance.
Quiz :Favorable Tax Legislation - Answer :3 Major federal tax advantages
associated with employee benefits are:
1. Most contributions to employee benefit plans by employers are tax
deductible as long as they are reasonable business expenses.
2. With in certain limits these employer contributions are generally not
considered income to employees
3. A certain type of retirement and capital accumulation plans, assets set aside
to fund such plans accumulate tax-free to the employee until distributed
Quiz :Efficiency of the Employee Benefits Approach - Answer :Employment
based insurance coverage is convenient for employees, they do not need to
search for individual coverage, and it is often less expensive. Providers and
suppliers find it more convenient and simpler to communicate and market
employee benefits through and employer
Quiz :Other Factors - Answer :Wages stayed stagnant during WWII and the
Korean War due to an imposition of limitations on the size of wage increases
during the time. While wages were frozen, employee benefits were not. As a
result, compensation of employees could increase by provision of larger
benefits. The PPACA.
Quiz :Group Technique - Answer :Enables insurance programs such as life and
health insurance to name only two. Based on the group (rather than the
individual) as the unit to be insured. The concept that makes this technique
work is a prevent "Adverse Selection".
Quiz :Adverse Selection - Answer :to reduce the possibility that less healthy
individuals may join a group or be a larger percentage of the group than
anticipated because of the availability of the insurance or other benefit.
Quiz :Characteristics of the Group Technique - Answer :Provides some or all of
the following:
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