Broad view of Employee Benefits - ANSWERThis view sees employee benefits as virtually any form of compensation other than direct wages.
Components of the Broad view of Employee Benefits - ANSWER1. Employer's share of legally required payments (Social Security and Medicare, unemployment insurance...
Broad view of Employee Benefits - ANSWERThis view sees employee benefits as virtually any form of
compensation other than direct wages.
Components of the Broad view of Employee Benefits - ANSWER1. Employer's share of legally
required payments (Social Security and Medicare, unemployment insurance, and worker's
compensation benefits)
2. Payments for time not worked (e.g. paid rest periods, paid sick leave, paid vacations, holidays,
parental leave, etc).
3. Employer's share of medical and medically related payments
4. Employer's share of retirement and savings plan payments.
The Narrow View of Employee Benefits Excludes what benefits? - ANSWERLegally Mandated
(Employer funding for Social Security Benefits and Workers' compensation).
Reasons for Growth of Employee Benefits - ANSWEREmployers want to attract and retain capable
employees. An Employer's competition has certain benefit plans, and it is necessary to have equal or
better plans to attract and retain employees.
Narrow View of Employee Benefits - ANSWERAny type of plan sponsored or initiated unilaterally or
jointly by employers and employees in providing benefits that stem from the employment
relationship that are not underwritten or paid for directly by the government.
Taft-Harley Act - ANSWERAlso known as the Labor-Management Relations Act, or LMRA. It has
established the distinction between retirement benefits and welfare benefits such as life and health
, insurance. The statute sets forth the basic regulatory framework under which both of these major
categories of benefits are to be jointly administered with the collective bargaining process.
Major Federal Tax Advantages Associated with Employee Benefit Plans - ANSWER1. Most
contributions to employee benefit plans by employers are deductible as long as they are reasonable
business expenses.
2. Within certain limits, these employer contributions are generally not considered income to
employees.
3. In certain types of retirement and capital accumulation plans, benefits accumulate tax-free to the
employee until distributed.
Efficiency in Employment-Based Benefits - ANSWEREmployment-based insurance is convenient for
employees. They don't need to search for individual coverage, and it is often less expensive.
Providers and suppliers find it more convenient and simpler to communicate and marker employee
benefits through an employers.
Major Federal Tax Advantages - ANSWER1. Most contributions to employee benefit plans by
employers are deductible as long as they are reasonable business expenses.
2. Within certain limits, these employer contributions are generally not considered income to
employees.
3. In certain types of retirement and capital accumulation plans, benefits accumulate tax-free to the
employee until distributed.
Employee Benefit Mechanism - ANSWEREmployment-based insurance is convenient for employees.
They don't need to search for individual coverage, and it is often less expensive. Providers and
suppliers find it more convenient and simpler to communicate and market employee benefits
through an employer.
Total Compensation Philosophy - ANSWER1. Average compensation/benefits policies follow the
generally prevailing compensation/benefits level in a firm's industry or community or both.
2. High-compensation/benefits policies attempt to attract higher levels of management, technical
and general employee talent.
3. Low-compensation/benefits policies are lower than average and more modest in scale.
Compensation/Service-Oriented Philosophy - ANSWEREmployers tend to relate employee benefits
primarily to compensation or service, or both, in designing benefit plans within the constraints of any
nondiscrimination rules. Thus, the level of benefits would tend to be tied to salary or pay levels of
employees and their years of service.
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