A Pension Plan Where the Amount That an Employee Is

question 98

Multiple Choice

A pension plan where the amount that an employee is to receive upon retirement is set forth in advance is referred to as a:

• A)contributory plan.
• B)noncontributory plan.
• C)defined-benefit plan.
• D)defined-contribution plan.

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Definitions:

Market-Based Pay

A compensation approach where pay levels are determined by comparing the market rates for similar positions in the relevant labor market.

Skill-Based Pay

A compensation system where employees are paid based on their skills or knowledge levels, rather than their job title or position.

Hays Guide Chart System

A method used in job evaluation to rank jobs based on a variety of factors, such as knowledge, responsibilities, and working conditions.

Total Compensation

The complete reward package provided to employees, including base salary, bonuses, benefits, equity incentives, and other financial and non-financial perks.