Midterm Exam - Essay Example

Compensation and benefits HRM 790 Comp & Benefits Fall Midterm Exam In your own words, describe discretionary benefits (10 points) (2) Discretionary benefits are amounts of money from the Ontario Works to a person who has got an urgent problem. Examples of the discretionary benefits include: The life insurance benefit-whereby it is provided to protect the employee and their families in case of his or her death. Health benefits- employees are included in their compensation, financial though indirectly and it includes dental, vision and health in general.

Moving expenses- an employee is given a compensation of the amount they have used to shift from one estate to another. Payment for time not worked-employees are paid for the time they have not worked for such as vacations hence motivating them to be more productive. Chid care- employees are provided with subsidized child care where one is provided with an on sit center. Educational benefit- employees, children are provided with money to pay their college fee and books. Food benefit- most firms do provide free lunches.

Unique benefits- where it gives alive with creativity of the employees. Premium pay benefit- this is the amount of money compensated to the employees for long periods of working. Benefits for part-time employees- this is the amount of money given to the employees so that to be able balance they live both at work and at home (Great Britain, 2013). (3) Give a specific example of cliff vesting (5 points) (4) This is the process whereby an employee earns the full benefits from his retirement plan account at a specific time, rather than gradually vested for a certain period of time(Mun, 2004).

An example of a cliff vesting is whereby an employee is fully vested after a certain period, hence his or her schedules are mandated by the federal government, hence one may lose all of their benefits if they often quit the job while they were not yet vested. (5) Describe the theory of human capital in your own words (10 points) (6) Human capital includes expenditures on education whereby it raises a lot of personal income even after deducting the cost experience directly or indirectly of schooling.

Computer training course whereby the person world is able to earn a lot of money when students come to engross to that study. Medical care whereby it will enhance the health of people. Punctuality which is most important for any employee or the employer should consider. Honesty is also part of the human capital which is the key to success in every job. In fact, it is the best capital because one can not separate from it. (7) What are the components of “total cash?” (5 points) (8) The total cash is a compensation included in the salary.

It includes: senior management supplement, maximum potential encouragement of plan payout, educational and allowances, relocation allowances though it does not give the full amount if it is paid in installments over a given period of time (Mulford, 2005). Other cash compensation and expenses. Cost cutters focus on ___________________________ and ______________________ (5 points) Cost cutter focuses on selling off-licenses fascia Rhythm and booze. It focuses in launching of the new joint venture company whereby it will change the UK convenience sector through their buying power and negotiation money. (9) (13) In your own words, describe what the four pieces of legislation provide for in the workplace (20 points) FLSA The Fair Labor Standards Act provides minimum wages, record keeping, and even youth employment standards which are affecting the employee (Kjervik, 2010).

For instance, FLSA minimum wage- employee is entitled to large minimum wage if they are subjected to both the state and federal minimum wage laws. ADA Americans With Disabilities Act its ensure that people who have disabilities who are employed, their transportation their public accommodation, communication and also governmental activities are not discriminated. FMLA Family and Medical Leave Act ensures that employees are allowed to take unpaid and a job protected vacation for special occasions such as medical care or family problem under the same terms as if the employee had not taken the leave(Jorden et al, 2007).

ERISA Employee Retirement Income Security Act it protects employees who have retired assets by implementing rules that have qualified plans References Great Britain., & Great Britain. (2013). Reshaping workplace pensions for future generations: Public consultation. London: Stationery Office. Jorden, J. F., Pflepsen, W. J., & Goldberg, S. H. (2007). Handbook on ERISA litigation. Frederick, MD: Aspen Publishers. Kjervik, D. K., & Brous, E. A. (2010). Law and ethics for advanced practice nursing.

New York: Springer. Mulford, C. W., & Comiskey, E. E. (2005). Creative cash flow reporting: Uncovering sustainable financial performance. Hoboken, N.J: J. Wiley. Mun, J. (2004). Valuing employee stock options. Hoboken, N.J: Wiley.