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.

(a)   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.

(a)   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 (a)   law.