Compensation and Benefits Module Seven: Benefits
Learn about different benefit plans, costs to employers, employee choices, and popular benefits like health insurance. Understand key terms, mandatory and optional benefits, and common types of paid leave.
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Compensation and Benefits Module Seven: Benefits
Learning Objectives Define terms related Benefits. Identify the various parts of benefit plans. Evaluate the part benefits play in overall compensation. Assess the costs of benefits to employers. Explain how employees exercise benefit choices.
Key Terms Social Security Discretionary Benefits Mandatory Benefits Total Rewards Employee Benefits
Key Terms Vesting Unemployment Insurance Worker s Compensation Insurance COBRA Family Medical Leave Act
Why offer Benefits? Health Insurance? Life Insurance? Child/Elder Care? Paid time off?
The Cost of Benefits Individual: Sum of all benefits (annually)/Annual Salary = Benefits as a percent of salary. Institution: Average annual amount spent on all employee benefits/total annual salary for all employees. 29.5% - 38.3% over salary
Mandatory Benefits 1 3 5 2 4 6 Social Security Unemployment Insurance Worker s Compensation Insurance Family Medical Leave Act Continuation of Health Coverage (COBRA) Health Insurance
Optional Benefits Life Insurance Disability Insurance Health Insurance Cafeteria Plans
Common Types of Paid Leave Vacation Holiday Sick Jury Duty Bereavement
Retirement Plans Individual Retirement Arrangements (IRA) Employee Stock Ownership Plan (ESOPs) Profit-Sharing Governmental Plans 401 K Defined Benefit 403 B Money Purchase 957
Health Savings Accounts High Deductible Health Plans Pre-tax Roll over from year to year Take from one employer to another
In the Spotlight 1. Should paid family medical leave be a federally-mandated benefit? If so, how should it be paid for? 2. Since the reversal of Roe v. Wade in 2022, many employers are offering benefits to women to cover abortion, including travel funds and paid time off. What should employers consider when developing a policy to cover abortion? 3. In a post-pandemic world, are benefits employees seeking different?
