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  • Nature of Benefits

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    idealclass
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    Benefits Nature of Benefits 1. Pay for time not worked 2. Hazard protection 3. Services 4. Legally required pay Increase in Benefits Spurred by: 1. Change in employee attitudes 2. Union demands 3. Government regulations 4. Competition between employers Government Encouragement of Benefit Growth 1. Social Security Act of 1935 a. Mandatory Pensions b. Survivor Benefits c. Health Benefits - disability d. Income Security for Unemployed Major Benefit Types 3. Retirement benefits - pensions Voluntary (ERISA requires but does not regulate) 4. Income

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    Benefits Nature of Benefits 1. Pay for time not worked 2. Hazard protection 3. Services 4. Legally required pay Increase in Benefits Spurred by: 1. Change in employee attitudes 2. Union demands 3. Government regulations 4. Competition between employers Government Encouragement of Benefit Growth 1. Social Security Act of 1935 a. Mandatory Pensions b. Survivor Benefits c. Health Benefits - disability d. Income Security for Unemployed Major Benefit Types 3. Retirement benefits - pensions Voluntary (ERISA requires but does not regulate) 4. Income

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    21 views8 pages

    Nature of Benefits

    Uploaded by

    idealclass
    Benefits Nature of Benefits 1. Pay for time not worked 2. Hazard protection 3. Services 4. Legally required pay Increase in Benefits Spurred by: 1. Change in employee attitudes 2. Union demands 3. Government regulations 4. Competition between employers Government Encouragement of Benefit Growth 1. Social Security Act of 1935 a. Mandatory Pensions b. Survivor Benefits c. Health Benefits - disability d. Income Security for Unemployed Major Benefit Types 3. Retirement benefits - pensions Voluntary (ERISA requires but does not regulate) 4. Income

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 8

    Benefits

    Nature of Benefits

    1. Pay for time not worked

    2. Hazard protection

    3. Services

    4. Legally required pay


    Increase in Benefits Spurred
    by:

    1. Change in employee attitudes

    2. Union demands

    3. Government regulations

    4. Competition between employers


    Government
    Encouragement of Benefit
    Growth

    1. Social Security Act of 1935


    a. Mandatory Pensions
    b. Survivor Benefits
    c. Health Benefits - disability
    d. Income Security for Unemployed

    2. ERISA
    Major Benefit Types
    1. Payments for time not worked
    i.e. vacation, birthday, lunch hour

    2. Insurance benefits
    Health
    Disability – workers compensation
    Life
    Major Benefit Types
    3. Retirement benefits - pensions
    Mandatory (Social Security)
    Voluntary (ERISA requires but does
    not regulate)

    4. Income maintenance
    Mandatory (Unemployment)
    Voluntary (Severance pay)
    Major Benefit Types
    5. Miscellaneous
     Day care
     Credit unions
     Legal services
     Tuition assistance
     EAPs
     Wellness programs
     Elder care
     Parental leave
     Executive perquisites
    Benefit Administration

    1. Establish objectives

    2. Control benefit costs

    3. Provide a choice

    4. Communicate availability

    5. Beware of legal issues/EEO

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