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Exam 1: LER 425
Proffessor Lupp's PSU LER 425 class
27
Other
Undergraduate 4
02/14/2014

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Cards

Term
What is "Core Compensation?"
Definition
-Hourly wage
-Annual Salary
Term
What are some adjustments to core compensation?
Definition
-Cost-of-Living
-Seniority
-Merit
-Incentive
-Person-focused
Term
Legally required Employee Benefits
Definition
-Social Security Act
-Worker's compensation
-Family and Medical Leave Act
Term
Discretionary Employee Benefits
Definition
-Health Insurance
-Disability Insurance
-Life Insurance
-Retirement Plans
-Paid time-off
-Accommodation and enhancement
Term
What is "employee Benefits?"
Definition
-compensation other than an hourly wage or salary
Term
Protection Programs
Definition
provide family benefits, promote health, and guard against income loss due to catastrophic events
Term
Accommodation and enhancement benefits
Definition
promote opportunities for employees and their families
Term
Total Compensation
Definition
both monetary and non monetary rewards
Term
base pay
Definition
Money for performing a job
Term
Cost-of-living Adjustments
Definition
Periodic base-pay increases that are based on changes in prices as indexed by the consumer price index (CPI)
Term
Seniority Pay
Definition
reward employees with periodic additions to base pay
Term
Merit Pay
Definition
employee's compensation over time should be determined by differences in job performance
Term
Incentive pay
Definition
rewards for partially or completely attaining a predetermined work objective
Term
Person focused pay
Definition
rewards employees for acquiring new knowledge and skills through designated curricula sponsored by an employer.
Term
Social Security Act of 1935
Definition
-set up a federal system of income benefits for retired workers
-set up a system of unemployment insurance administered by the federal and state governments
Term
Old-Age, Survivor, and
Disability Insurance
(OASDI)
Definition
programs that provide retirement income, income to the survivors of deceased workers, and income to disabled workers and their family members
Term
Medicare
Definition
providing insurance coverage for hospitalization, convalescent care, major doctor bills, and prescription drug coverage.
Term
State compulsory disability laws
Definition
workers compensation programs that are designed to cover employee expenses incurred in work-related accidents or injuries.
Term
Family Leave and Medical Act
(FMLA)
Definition
job protection to employees in cases of a family or medical emergency
Term
Disability insurance
Definition
replaces income for employees who become unable to work on a regular basis because of an illness or injury
Term
Life Insurance
Definition
protects family members by paying a specified amount to an employee's beneficiaries upon the employee's death
Term
Retirement Plan
(Pension Plan)
Definition
provide income to individuals and beneficiaries throughout their retirement.
Term
Defined contribution plan
Definition
employees and employers make annual contributions to separate accounts established for each participating employee, based on a formula contained in the plan document
Term
defined benefit plan
Definition
guarantees the retirement benefits specified in the plan document. usually expressed in terms of a monthly sum equal to a percentage of a participant's preretirement pay multiplied by the number of years he or she has worked for the employer.
Term
Health protection programs
Definition
host of practices geared toward promoting sound health
Term
wellness programs
Definition
programs set up to promote healthier lifestyles.
Term
Health insurance
Definition
covers the cost of a variety of services that promote sound physical and mental health
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