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Employee Benefits Essay

586 words - 3 pages

Discussion Question One Week Eight:
Discussion 1: “Employee Benefits.” Students will respond to the following:

Discuss how benefits contribute to an overall compensation plan.
The total wage cost of an employee to the organization is far more than the pay rate of that employee. Likewise, the total compensation reward of the employee exceeds his or her take-home pay. Total compensation consists partly of the pay of the employee and partly of a set of other rewards that are loosely called benefits. The addition of these items to the compensation package considerably complicates all aspects of the administration of compensation --from the compensation strategy to the implementation of the plan. Benefits are unlike base pay in that they are awarded for different objectives, they are not periodically given, they are oftentimes deferred rather than current, and they require different types of administration. Since pay and benefits together make ...view middle of the document...

Here the simple term benefits will be used.
This hodgepodge of programs can be classified into ones that provide:
* Protection. These programs help the employee guard against the hazards from illness, unemployment, old age and disability.
* Time Off with Pay. This provides pay in a number of situations when the employee is not working.
* Services. These programs accommodate and enhance the employee’s work and off-work environment.
Describe the different insurance and retirement plans offered by employers.
Medical insurance is one of the most valued employee benefits. Sometimes these medical benefits include surgical expenses hospital expenses, and visits to physicians. Consolidated Omnibus Budget Reconciliation Act of 1985, states that employees must be permitted to extend health insurance coverage up to 36 month after they leave an organization. Some organization offer short and long term disability for employees with the knowledge that it will be only a percentage of their salary. Retirement plans may be contributory, meaning funded by contributions from employer and employee, or noncontributory, meaning funded only by the employer. These plans may be defined benefit plans, which guarantee a specified level of retirement income usually based on employee’s age, years of service, and earnings level. (Noe,Hollenbeck,Gerhart &Wright, 2011).
•Summarize the legal requirements that affect employee benefits.
The employers must contribute to the Old Age, Survivors, and Disability, and Health Insurance program known as Social Security through payroll tax shared by employers and employees. Employers must pay federal and state taxes for unemployment insurance, based on each employer’s experience rating, or percentage of employees a company has laid off in the past. State Law requires employers purchase workers’ compensation insurance (Noe,Hollenbeck,Gerhart &Wright, 2011).

(Noe,Hollenbeck,Gerhart &Wright, 2011). Fundamentals of Human Resource Management 4th Edition. McGraw-Hill
Atchison, T. J., Belcher, D. W. & Thomsen, D. J. (2010). Wage and Salary Administration. ERI
Economic Research Institute. Retrieve from:
http://www.eridlc.com/index.cfm?fuseaction=textbook.chpt20

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