FWS Seminar Quiz 01

Which is the last resort under the NWC Guidelines to sustain business & save jobs?

• Retrenchment

• To implement Flexible Wage System

• To tap on Government subsidies

• To reduce Non-Wage Costs

Which of the below is not one of the components of the 1st Option to sustain business and save jobs?

• Temporary retrenchment

• Focus on training and upskilling

• Support affected workers to seek a second job

• Flexible Work Schedules

A Flexible Wage System will result in all these except, __________.

• will increase sales five fold

• being Agile - quick response to changing business conditions

• being flexible - reward or cut wages depending on circumstances

• performance-oriented system

These are the three components of a Flexible Wage System.

• Fixed Monthly Salary + Monthly Variable Component + Annual Variable Component

• Fixed Monthly Salary + Weekly Commission + Maximum Benefits

• Annual Fixed Component + Monthly Variable Component + Five-Year Long Service Awards

• Fixed CPF Contributions + Variable Quarterly Bonuses + Fixed Annual AWS

The Fixed Monthly Salary is designed to __________.

• be independent on company's and employee's performances.

• be adjusted to immediate financial situations

• be directly linked to the company's financial or operational performance.

• be be adjusted based on individual's ability to hit his/her targets

The top 20% high performers in your organisation, we should ___________.

• link their short-term and long term incentives to the FWS

• not need to do anything since they are usually intrinsically motivated

• continue to keep their Fixed Monthly Component constant since they can be made-used of by the company

• be asked to slow down their work and give others a chance to overtake them

A performance-oriented flexible and Agile Wage system should consist of these ingredients.

• Clear Goals, Frequent Communication, & Regular Feedback

• Outplacement Plans, Gratuity Payments & Garden Leaves

• Highly paid top managers, lowly paid operators & labourers.

• Every employee must be flexible to work overtime, including weekends to support the business changes

In the Flexible Wage System, the Rank-and-File employees should have this ratio for their Basic, MVC & AVC.

• 70 : 10 : 20

• 60 : 0 : 40

• 50 : 50 with no AVC

• 40 : 40 : 20

When implementing the FWS, the general guidelines are ________.

• We should enlarge the AVC when we want to reward the employees in general

• Employers should adjust the MVC portion of their wages flexibly

• Companies ought to end their seniority-based Wage System

• All the answers are correct.

In attempting to set a maximum and minimum salary level for each Job Grade, an example of a good practice would be _________.

• Min $3,000 to Max $4,500 resulting in a Ratio of 1.5

• Min $3,000 to Max $5,100 resulting in a Ratio of 1.7

• Min $2,500 to Max $6,250 resulting in a Ratio of 2.5

• Min $3,000 to Max $3,750 resulting in a Ratio of 1.25