Exam (elaborations)
CPFO COMPENSATION AND BENEFITS EXAM QUESTIONS AND ANSWERS
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CPFO COMPENSATION AND BENEFITS EXAM QUESTIONS AND ANSWERS...
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CPFO COMPENSATION AND BENEFITS EXAMQUESTIONS AND ANSWERS
Step and grade compensation model
Different grades, and steps within each grade
Steps may be spaced out with incremental pay increases
Can also include longevity
Key component of position control
Assures that the number of filled positions authorized and funded by the
governing body is not exceeded by staff
Why is Budgeting of salary and wages important?
Need for accurate expenditure projections
Salaries make up the greatest portion of the expenditure budget
-Control headcount levels in view of cost limitations
How Budgeting of salary and wages should be done
-Tracking system for personnel
-Vacation changes
-Collective bargaining units
-Inflation factor
-Optimum staffing level
-Compensation methods
-Classification of personnel
, -Control
Collective Bargaining and Compensation
-Know which positions fall under collective bargaining agreements
-Maintain collective bargaining information by position
-Know the effective dates of collective bargaining agreements, may have to
provide reserves for contract settlements
-More than salary, some agreements address overtime, holiday premiums, shift
differentials, uniform allowances, and license/certification pay
Federal Insurance Contributions Act (FICA)
Federal law that requires workers and their employers to contribute to Social
Security and Medicare
Fringe Benefit
Any financial extras beyond the regular pay check, such as health insurance, life
insurance, paid vacation and/or retirement
Longevity of service
Length of service affects level of pay
Employer provided tuition assistance
-Full or partial reimbursement or loan
Policy must be designed to meet all tax requirements
Consider some form of repayment if employee leaves the organization
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