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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. MiscellaneousDay careCredit unionsLegal servicesTuition assistanceEAPsWellness programsElder careParental leaveExecutive perquisitesMajor Benefit TypesBenefit Administration1. Establish objectives2. Control benefit costs3. Provide a choice4. Communicate availability5. Beware of legal


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SU MGMT 383 - Benefits

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