Research Paper on "Benefits Employee Benefits: What Managers"
Research Paper 4 pages (1368 words) Sources: 4
[EXCERPT] . . . .
BenefitsEmployee Benefits: What Managers are Required to Know
Legally required benefits
Unemployment Compensation
Worker's Compensation Benefits
Payment for time not worked
F. Findings
G. Conclusion
In these recessionary times, employment benefits have never been more important. For some people, these benefits mean the difference between survival and destitution. Legally required employment benefits comprise nearly one quarter of the benefits package that employers provide. These benefits include employer contributions to the Social Security program, including unemployment insurance and workers' compensation insurance. Such benefits together comprise approximately twenty-one and a half percent of payroll costs ("Chapter 21 -- federal insurance," 2011).
In terms of importance, it is critical that both employers and employees understand these benefits fully and the need to make their contributions regularly. The system can not function without the fair contributions of all of the stakeholders. The primary issue is one of education to ensure and maximize participation. However, this is not the only issue. Employers also need to be knowledgeable about the regulations to avoid legal disputes that can be costly and time consuming both for the employer and for the employee.
B. Legally required benefits
Social Security
Social Security is the insurance system that is administered by the federal government. Both the employer and employee are legally required
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Social Security provides an insurance plan that is designed to insure that the individuals against a loss of earnings which may result from unemployment, retirement, disability, or death. The plan does not pay off except in cases where there is a loss of income due to the loss of employment that has occurred. To be eligible for old age and survivors insurance (OASI) and disability and unemployment insurance under the Social Security Act, the individual must have been engaged in employment that is covered by the Act. Most private employment, self-employment, active military service and employment in certain nonprofit organizations and governmental agencies are covered under the Act ("Social security," 2011) .
C. Unemployment Compensation
Unemployment insurance gives coverage of workers whose jobs were terminated through no fault of their own. Financial payments are provided for a period of time or until the person can find a new job. Unemployment payments are meant to provide the unemployed worker with time to find new employment that is equivalent to that which was lost, reducing financial distress. Without this benefit, many workers might be forced to take employment for which they were much overqualified or end up on public aid. This compensation has also been justified on the grounds of providing the economy with consumer income during periods of economic recession. The payment system is shared between the federal and state governments. The law was written in such a manner as to encourage individual states to establish their own systems ("Unemployment insurance (ui)," 2011) .
D. Worker's Compensation
The purpose of workers' compensation insurance is to protect employees from the loss of income and/or to cover the extra expenses that are associated with job-related illnesses or injuries. These may include accidents where the employee does not lose time from work. In addition, it is generally allowed in the case of accidents in which the employee loses time from work, including temporary partial disability, permanent partial or total disability, occupational diseases, death, noncrippling physical problems, such as deafness. This also includes injuries or issues suffered at employer-sanctioned events including social events, travel to organization business and disabilities or injuries that can be attributed to an employer's negligence. Several states now allow workers' compensation payments for the job-related cases of depression, anxiety and also mental illnesses. Though some kind of workers' compensation is exists in all 50 states, the particular requirements, procedures and payments vary among them. Certain provisions are part of virtually all state programs. In general, the laws provide for the replacement of lost income,… READ MORE
Quoted Instructions for "Benefits Employee Benefits: What Managers" Assignment:
“Report involving a key management issue. This paper will discuss employee benefits and why its important that you understand what benefits an employer is obligated to give you and what happens when you don*****'t understand your benefits package.
Table of Contents
I. INTRODUCTION
Background information (brief description)
Importance/Significance of the Research
Primary issues
II. Legally required benefits
III. Unemployment Compensation
IV. Worker*****s Compensation Benefits
V. Payment for time not worked
VI. Findings
VII. CONCLUSION (alternative solutions and the best solutions)
Bibliography
How to Reference "Benefits Employee Benefits: What Managers" Research Paper in a Bibliography
“Benefits Employee Benefits: What Managers.” A1-TermPaper.com, 2011, https://www.a1-termpaper.com/topics/essay/benefits-employee-managers/2163019. Accessed 6 Jul 2024.
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