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