Employee Benefits

1
Employee Benefits
2
History

• Used to circumvent wage controls during WWII.
• A perk
• A right
• Back to individual responsibility

3
Pay for Time Not Worked

• Unemployment
• Vacations and Holidays
• Sick Leave
• Parental Family Medical Leave
• Unpaid
• May require use of sick leave
• Medical coverage continues
• Severance Pay
• Supplemental Unemployment Benefits
• Auto Workers

4
Insurance

• Workers Compensation
• Monetary or Medical
• Hospitalization, Health and Disability Insurance
• Rx, Life Insurance, Dental
• Cost reduction
• Employee Partial Pay (premium and medical bill)
• Outsourcing (administration and even treatment)
• Mental Illness
• 34 Million people in USA suffer
• 24 of disabilities
• Part-time and Contingent Workers

5
Retirement

• Social Security
• Widow and Orphans Act
• Premium would never be increased (FDR)
• Pensions
• Defined Benefits
• Defined Contributions
• 401K
• Deduct before taxes
• ERISA (Employee Retirement Income Security Act)
• Vesting
• Age
• Funding
• Benefit
• Early Retirement

6
Personal Services

• Employee Assistance Program
• Child Care
• Domestic Partners
• Flexible Work Arrangements
• Job Sharing
• Telecommuting
• Compressed work weeks

7
Cost out of Control

• 35 47 percent