Gea 2 week 9 ppt reviewer

The purpose of the ___________ is to attract, Motivate, and maintain employees –

2 types of compensation:

Compensation such as Incentives & Profit Sharing (Pay for Performance) and Compensation Management (Wages and Salaries)

Compensation such as Security, Safety, and health (Legally mandated benefits); Benefits and Services (“Fringe” benefits)

These are called indirect compensation and are also known as “fringe benefits” and “Perks”

2 types of benefits and services:

Means something extra (such as vacation time) that is given by an employer to workers in addition to their regular pay –

Are something in addition to the payment like car fuel and free parking, clothing, and educational supports.

Such ________________ are used to persuade, to motivate, and/or to retain employees and are not linked with the employee’s performance (e.g. Stimulating them to greater effort and higher performance).

In general, indirect and non-cash (or sometimes in cash) compensation paid by an employer to employees in addition to their regular pay. Benefits tend to be necessities for many people. Some benefits are mandated by law (such as SSS, Pag-IBIG, and PhilHealth), others vary from firm to firm or industry to industry.

6 Objectives of Benefit Programs:

In short, the main objective is to _______ (recruit) and ______ employees

7 Types of Benefits:

__ paid national regular holidays and __ national special holidays per year as provided under Proclamation No. 1236 (2022 Declared Holidays).

The plan is 100% funded by the company calculated at 22.5 days base salary per ______________ based on the employee’s latest basic rate upon normal retirement at age 60, death, or total and permanent disability. -

Early retirement eligibility is age ___ and 10 years of service. Retirement benefit notice is three (3) months.

€�Minimum Retirement Pay” formula __________________ -

Twelve (12) days for the first anniversary of regularization and additional 1 day on the 2nd anniversary. Maximum total sick leave is fifteen (15) days. All unused sick leaves are convertible to cash every December of each year. -

One Hundred Five (105) days of paid maternity leave

All married male employees are eligible for 7 working days up to four (4) child birth including miscarriage of legitimate spouse to be availed within sixty (60) days from delivery/miscarriage.

Three (3) days applicable to immediate family member which includes the employee’s children, parents, grandparents, brother, sister, spouse, and parents-in-law.

Grants a leave of Seven (7) working days -

Two (2) days leave for employees who were affected by fortuitous events (must be supported by a government proclamation or may be declared by the Company) -

Sixty (60) calendar days leave. This is given to all female employees who underwent surgery caused by gynecological disorders and who have rendered at least six (6) months continuous aggregate employment service for the last twelve (12) months prior to surgery

Ten (10) days leave benefit shall cover the days that the woman employee has to attend to medical and legal concerns. The usage of the ten-day leave shall be at the option of the woman employee. In the event that the leave benefit is not availed of, it shall not be convertible into cash and shall not be cumulative.

The company grants bonus equivalent to a maximum of half month base pay to all probationary and regular employees. –

The Company provides rice subsidy to all regular and probationary employees and credited to their payroll account every 30th of the month –

Given to regular and probationary employees every April. –

Employees are recognized for their loyal and dedicated service to the company for every five years of continuous service by the way of gift check or token, plus plaque of appreciation during the service award ceremony. –

Benefit afforded to employees who are suffering from certain medical or surgical conditions warranting a recuperation period of additional 60 days maximum after the 120 SSS Sickness Benefit.

The Company grants a ____________ equivalent to one (1) month’s pay to all eligible employees provided that they worked for at least one (1) month during a calendar year. -

It can include anything an employer deems necessary to provide as a perk for employees. No real limit exists as to what can be included as an employee service -

4 Common Types of Employee Services:

These programs are arranged to meet an organization's goals while assisting employees with their personal lives. -

Many employers offer wellness programs to improve employees' health. These programs can be applied in a variety of ways, including reimbursable gym membership costs, on-site fitness facilities, and events to promote healthy living and eating. -

Working parents having access to a worksite childcare center positively affects their ability to successfully concentrate on the job and be productive.

Most individuals clip coupons and shop for sales to save money. Some employers work with local and national retail product and service providers to offer employees discounts for their personal needs. -