Benefits and Reward

What is the purpose of introducing remuneration packages?

• To attract employees and to retain best performers.

• To become the most popular and glamour employers.

• To encourage job hop among employees.

• To increase customer satisfaction.

Remuneration packages can be defined as _________________________.

• the compensation package that consists of basic pay only.

• the compensation package that consists of several elements, usually a combination of basic pay, benefits (indirect & non-cash compensation paid to an employee such as health insurance, life insurance, medical plan, paid vacation, pension) as well as incentives.

• the compensation package that consists of solely benefits only (indirect & non-cash compensation paid to an employee such as health insurance, life insurance, medical plan, paid vacation, pension).

• the compensation package that unfollow the Employment Act.

_______________ provided to employees include: financial, non financial, statutory and optional.

Six (6) factors to be considered when designing a benefit scheme for employees include:

• Eligibility and waiting periods, Kinds of benefits, Level of benefits, Financing of benefits, Employee Family Backgrounds.

• Employee gender, Financing of benefits, Fixed package or employee choice (flexi-benefits) as well as Communication.

• Eligibility and waiting periods, Kinds of benefits, Level of benefits, Financing of benefits, Fixed package or employee choice (flexi-benefits) as well as Communication.

• Eligibility and waiting periods, Kinds of benefits, Level of benefits, Financing of benefits, Employee Family Backgrounds, Employee Gender.

Time-off payments, additional health care, insurance, financial, subsidies and services and retirement benefits are example of ________________.

• Statutory benefits

• Maternity protection

• Non-statutory benefits

• Level of benefits

Non financial incentive reward system includes:

• Profit sharing

• Salary increases

• Bonuses

• Letter of appreciation, performance reward, oversea holidays trip, sponsorship to conferences and seminars, etc.

______________ is responsible to provide support to other managers and supervisors and ensuring that recognition is given appropriately.

Allowances for employee's non statutory benefits includes:

• Accident policies

• Advance on wages

• Insurance policies

• Travel, transport, parking, meals, housing, hand phone, shift work, standby work and entertainment.

Among the current trend in employee benefit packages is

• no educational fee assistance.

• to receive fair entitlement to employee and family members.

• unpaid leave for maternity up to one year.

• uncovered insurance life.

Many employee benefits is compulsory under the _________ law.