Federally Mandated Employee Benefits Essay - 1061 Words

Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act. Social Security along with†¦show more content†¦Another benefit assurance an employee has is Workers’ Compensation Insurance. The second employment benefit required by Federal law is workers’ compensation insurance, otherwise known as workersà ¢â‚¬â„¢ comp. It is a Federal tax and in most States, employers and employees must contribute to State workers’ compensation programs as well, which provides financial support to people who are unable to work because of a workplace injury or illness. â€Å"Workers’ compensation insurance provides medical care and treatment, rehabilitation and replacement income for employees due to job related injuries and illnesses workers compensation programs provide benefits to those workers disabled by occupational illness or injury† (Primepay.com, n.d.). Workers compensation insurance is the protection of employees from loss of income due to job loss. In addition, it is to cover extra expenses associated with job-related injuries or illness. Injuries and illnesses more frequently covered by workers compensation insurance are situations where a disability is temporary or permanent, this in includes partial and complete disabilities. It also covers impairments obtained at em ployer-sanctioned events, such as social events and it covers an employee while traveling for business purposes.Show MoreRelatedEmployee Benefit Package for Bostic Colleges Inc.879 Words   |  4 PagesEmployee Benefit Package for Bostic Colleges, Inc. Since its onset in 1966, Bostic Colleges, Inc. has provided quality college education to non-traditional students. This could not have been possible without the dedication and hard work of high quality employees. It is with these individuals in mind that Bostic Colleges has decided to revamp its benefit package. The company has thoroughly researched what employees consider to be the most desirable benefits offered by employers and based its new benefitRead MoreCompensation And Benefits Of Employees921 Words   |  4 Pagescompany realizes that in order to retain the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization. 1.Propose two (2) methods an HR professional could use to determineRead MoreComparison Presentation Assignment 5959 Words   |  4 Pages2012 | 1. Select three to four main aspects that you discovered in your research to highlight. The first thing that I would like to highlight in my research of Canadian universal healthcare vs. US healthcare is that Canadian health care is federally funded and covers mostly all of the medical services used by the residents. The US has healthcare for the people but is covered at the citizens’ expense via an insurance company. The citizens are responsible for maintaining the premiums set byRead MoreMethods Of An Hr Professional1355 Words   |  6 Pagesperformance. It takes into consideration the group and the company by encouraging healthy competition between employees. Employees enjoy being acknowledged amid their colleagues and management for their performance. Consequently this will inspire each employee to work hard to do their best while also bringing great outcome for the organization. Gainsharing is a Group incentive program that measures enhancements in efficiency, efficiency and dispenses a percentage of each gain to employees. GainsharingRead MoreChief Human Resource Officer And Workforce Essay958 Words   |  4 Pagesaspects of Human Resources which includes; payroll, benefits, time and attendance, career planning and succession, acquisition of new talent, forecasting and scheduling, performance management, employee self-service options and labor budgeting. There are several things that I as workforce management, need to accomplish so that my company is successful. First, I will need to be educated on the legal statues that affect the selection and hiring of employee. Next, I will need to be able to clearly stateRead More Do Minimum Wage Laws Increase Unemployment? Essay1188 Words   |  5 Pagescreating their own minimum wage laws as a response, and by 1938 twenty-five states had some form of minimum wage laws in place (Minimum Wage). The federally regu lated minimum wage was established per the Fair Labor Standards Act by the Roosevelt administration. This was but one part of the act and mandated every employer must pay their workers a federally set minimum amount for their labor services. In 1938, the minimum wage was set to $0.25 per hour. States were given the ability to set their ownRead MoreResearch Methods And Data Collection Method1460 Words   |  6 Pagesworking in the private-sector. The data collected emphasized on the availability of FMLA benefits among different racial, occupation, and gender groups, and the main reasons for employees to take leave, and the strategies used to cover lost wages during unpaid leave periods. The survey reported that 59.5% of the respondents were eligible for unpaid leave, yet only 40.5% of the the respondents utilized the FMLA benefits. Among the sample of the respondents that did not receive or use paid leave, the majorityRead MoreCritical Analysis On The United States Essay1241 Wor ds   |  5 Pagesstudy from National Institute on Drug Abuse there is estimated 1.2 million service member with multiple service connected disabilities, alcohol, and mental health issues (National Institute on Drug Abuse, 2011). Coupled with a great VA Educational benefits it is easy how a college and universities systems without the proper knowledge or services are struggling to retain and adequately provide resources for veteran students. Veterans leaving service and entering higher education is nothing new. InRead MoreCase Study : Integrative Learning Assignment Essay893 Words   |  4 PagesIntegrative Learning Assignment Human Resource Management (HRM) has evolved from many terms and functions in the last century such as finance, accounting, marketing; the personnel were responsible for hiring and firing, compensation, payroll, and benefits. HRM was known to handle routine employment obligations. Previously, the administrative human resource focused primary on clerical administration aspect of a business such as processing information, recordkeeping which included essential legal paperworkRead MoreQuestions On Human Resource Management1347 Words   |  6 Pagesessential to attain organisational objectives (Dessler, 2013). This report is meant to know the Human Resource Functions and how they are integrated with HR strategies and make contribution to HR outcomes. The HR Functions are the tools to achieve employee satisfaction and thus highly motivated employees. The main objectives of various HR Functions are to increase efficiency by increasing motivation and thus fulfill organisational goals and objectives. The objective is to provide the reader with an