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Chapter #13. Benefits and Services. Oklahoma 1907 - 2007. www.netstate.com/state_seals.htm. Benefits. Indirect financial and non financial payments employees receive for continuing their employment with the company. 28% of payroll $ $888.00 per family monthly 7.00 per payroll hour.

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chapter 13

Chapter #13

Benefits and Services

oklahoma 1907 2007
Oklahoma 1907 - 2007
  • www.netstate.com/state_seals.htm
benefits
Benefits
  • Indirect financial and non financial payments employees receive for continuing their employment with the company.
  • 28% of payroll
  • $ $888.00 per family monthly
  • 7.00 per payroll hour
slide4
Legally Required

Workers Comp

Unemployment

FMLA

SSI

Optional

401K

Health, Dental

Sick

Vaction

Retirement

Life insurance

Childcare

Profit sharing

Pensions

classifications of benefits
Classifications of Benefits
  • 1. Pay for time not worked
  • 2. Insurance benefits
  • 3. Retirement
  • 4. Services
pay for time not worked look page 481
Pay for time not worked Look page #481
  • Supplemental benefits
    • Most costly
    • Paid time off 30% of total benefits
      • Holidays
        • Vacations
          • Jury duty
          • Funeral leave
          • Military leave
          • Personal days
          • Sick days
          • Sabbatical leaves
          • Maternity leave
          • unemployment
know your law
Know Your Law
  • ERISA
    • Requires ers to have plans in writing
  • Job Creation and Workers Assistance Act
      • ROIs, ers must use in pension funds
  • Newborn Mothers Protection Act
      • Minimum stays in hospitals
  • Mental Health Parity Act
      • Insurance companies can not set limits
  • HIPAA
  • FMLA
  • ADA
slide8

HIPAA

      • Protection of health information
survey of benefits
Survey of benefits
  • 89% received paid holidays
  • 96% paid vacations
  • 77% medical coverage
  • 80% retirement
  • 87% life insurance
sick leave
Sick Leave
  • provides pay to employees when they are out of work due to illness
    • Usually full pay for # of days
    • up to 12 per year
    • 45 % of actually sick days are actually for the sick
    • Family issues 27%
    • Personal needs 13%
    • Mental problems 9%
    • Stress 6%
    • Other reasons
unemployment 26 weeks
Unemployment 26 weeks
  • If a person is unable to work through some fault other than his or her own.
  • Derived from tax .1% to 5% of payroll
  • Depends on rate of terminations
  • Release through no fault of ee
vacations and holidays
Vacations and Holidays
  • US average 10 days per year
  • Mexico 6 days
  • Sweden 25 days
  • France 25 days
sick leave cont
Sick leave cont.
  • Very expensive
  • Solutions
      • Leave banks PTO
      • Well pay
family medical leave act fmla bill clinton
Family Medical Leave Act FMLA Bill Clinton
  • Parental Leave (1250 hours to qualify)
  • (1/2 of all worker today are women and 80% will become pregnant during their work lives)
    • Private ers of 50 or more
    • 12 weeks unpaid leave
    • Ers can require ees to take unused paid sick leave or annual leave as part of the 12 weeks
    • EE are entitles to insurance
    • EE guaranteed return to previous status with no loss of benefits
severance pay
Severance Pay
  • A one time payment some employers provide when terminating an employee.
    • Humanitairan
      • Since ers require a two week notice from ees
      • To avoid litigation
      • 82% firms have it
      • Either salary or lump sum
      • Depends on length of employment I wek for each pay year unless you are an exec and its 39 average
supplemental unemployment
Supplemental unemployment
  • For temporary shutdowns
    • GM for remachining
    • Supplements unemploymenet
workers comp
Workers Comp
  • Pay for work related injury
  • Pay for death to survivors
  • Paid by % of injury
  • Temporary – partial or total
  • Permanent – partial or total
  • Costs depend on type of industry and probable danger
    • Increases with # of claims
    • High costs to business that add no value
hospitalization health and disability insurance
Hospitalization, Health and Disability Insurance
  • HMO
    • A prepaid health care system that generally provides routine routine the clock medical services as well as preventive medicine in a clinic type arrangement for ees. Who pay a nominal fee in addition to the fixed annual fee the er pays
  • PPO
    • Groups of health care providers that contract with ers, insurance co. or third party payers to provide medical are at a reduced fee.
reducing health costs look 487 cost savings
Reducing Health CostsLook # 487 “Cost Savings”
  • Have a deductible
  • Increase amount of deductibles
  • Use gatekeepers
  • Encourage prevention Wellness programs
  • Form coalitions
  • Treat AIDS victims in the home
pregnancy discrimination act
Pregnancy Discrimination Act
  • Pregnant women can not be discriminated against. Ers have to give same benefits as anyone else. weeks
cobra
COBRA
  • Private employers must continue to make health benefits available to terminated or retired ees for 18 months
  • Ee must pay at same rate.
    • Use acknowledgement form to show that ees have been told COBRA rights
    • Look # 490 Recordkeeping
slide22
SSI
  • Paid on EE wages
  • Shared equally between ee and er
  • 7.65% of gross salary up to 80,400$
  • Self employed pay 15.3%
  • 67Yr to get it if born after 1960
social security
Social Security
  • Federal program that provides three types of benefits
    • $ age 62
    • Survivors
    • Dependents
    • Disability
    • EE has to be insured to get them
    • Medicare is also administered through SSI
    • 7.65% of f irst $87,900
erisa pension funds are to be protected and insured pres ford 1974
ERISA Pension funds are to be protected and insured (Pres Ford 1974)
  • Vesting after 5 years service funds cannot be forfeited by ee. Contributions are always there plus ers contribution
  • Pension Benefits Guarantee CORP
    • Insurance pension plans against bankruptsy
    • Portability
pensions plans
Pensions Plans
  • Defined Benefits
      • Ee knows exactly how much
  • Contribution Plans
      • 401K pretax deduction
          • New law increased to 15,000 yr 2006
  • Deferred Profit sharing
      • ESOP
  • Golden offerings
      • Early retirement benefits
      • Be careful of discrimination
personal services and family benefits
Personal Services and Family Benefits
  • Credit Unions
  • EAPS
  • Childcare
  • Subsidized health care
  • Compressed work weeks
benefits cont
Benefits cont.
  • Job sharing
  • Eldercare
  • Telecommuting
  • Education tuition reimbursements
  • Transportation to work