BenefitsNature of BenefitsIncrease in Benefits Spurred by:Government Encouragement of Benefit GrowthMajor Benefit TypesSlide 6Slide 7Benefit AdministrationBenefitsNature of Benefits1. Pay for time not worked2. Hazard protection3. Services4. Legally required payIncrease in Benefits Spurred by:1. Change in employee attitudes2. Union demands3. Government regulations4. Competition between employersGovernment Encouragement of Benefit Growth1. Social Security Act of 1935 a. Mandatory Pensionsb. Survivor Benefitsc. Health Benefits - disabilityd. Income Security for Unemployed2. ERISAMajor Benefit Types1. Payments for time not worked2. Insurance benefitsi.e. vacation, birthday, lunch hourHealthDisability – workers compensationLife3. Retirement benefits - pensionsMandatory (Social Security)Voluntary (ERISA requires but does not regulate)4. Income maintenanceMandatory (Unemployment)Voluntary (Severance pay)Major Benefit Types5. MiscellaneousDay careCredit unionsLegal servicesTuition assistanceEAPsWellness programsElder careParental leaveExecutive perquisitesMajor Benefit TypesBenefit Administration1. Establish objectives2. Control benefit costs3. Provide a choice4. Communicate availability5. Beware of legal
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