Provide a general overview of legally required benefits, including their purpose in society
Provide a general overview of legally required benefits, including their purpose in society. Please answer in 225 words or less and cite url or references used in class discussion.
Answer:
Legally required benefits requires almost all employers to offer the social security benefit, unemployment insurance, and workers compensation insurance. It is also required for the large companies to offer employees an unpaid family and medical leave benefit.
Social security- The Social security provides monthly benefits to retired workers who are at least 62 years of age, disabled workers, and their spouses and dependents. The financing of the social security is done by the contributions made by the employee and the employer and thus it is contributed as a percentage of employee earnings. The social security provides medical health care coverage for anyone who is entitled to the retirement benefits. Medical care is funded by the tax paid by the employer and the employee.
Unemployment Insurance- This is basically compensation provided to the unemployed individuals who lose a job and were not responsible for it.The workers under the unemployment insurance receive stipends for 26 weeks. The amount of the stipend is determined by the wages received by the worker during the previous year.Unemployment compensation laws in most states disqualify workers from receiving benefits under the given conditions:
Quitting one’s job without good cause.
Being discharged for misconduct connected with work.
Refusing suitable work while unemployed
Worker compensation Insurance-Workers are hurt or become sick for job related reasons each year. So workers compensation insurance laws are designed to provide financial protection for such individuals. When workers suffer job related injuries or illness, the insurance system provides compensation for medical expenses , lost wages from the time of injury until their return to the job, and death , dismemberment or permanent disability resulting from job related injuries.
Other optional Insurance is health Insurance, long term disability Insurance etc.
References:
HYPERLINK “http://www.referenceforbusiness.com/management/Em-Exp/Employee-Benefits.html” l “b”http://www.referenceforbusiness.com/management/Em-Exp/Employee-Benefits.html#b , Employee Benefits
