StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

SLP 2 - MGT 411 COMPENSATION: BENEFITS - Essay Example

Cite this document
Summary
The main goal of employee benefits is to promote the economic status of individuals and enhancing the living standards (Employee Benefits Research Institute, 2005). This is achieved through the insurance against unpredictable scenarios. Furthermore, employee benefit programs…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.5% of users find it useful
SLP 2 - MGT 411 COMPENSATION: BENEFITS
Read Text Preview

Extract of sample "SLP 2 - MGT 411 COMPENSATION: BENEFITS"

The main goal of employee benefits is to promote the economic status of individuals and enhancing the living standards (Employee Benefits Research Institute, 2005). This is achieved through the insurance against unpredictable scenarios. Furthermore, employee benefit programs boost economic stability of a country through assisting in income security and promoting the general welfare of the households. This ultimately leads into an upwardly mobile economy.Describe the compensation that you receive in the form of benefits The range of compensation received in the form of benefits are divided into two categories namely the mandatory and voluntary benefits (Employee Benefits Research Institute, 2005).

In this regard, the range of benefits are social security retirement, medicare, social security disability, workers compensation, unemployment insurance, vacations, rest periods, paid lunches, awards and cash bonuses, severance pay, employee and dependent health, dental insurance, retiree health insurance, vision insurance, educational assistance, child care, legal assistance, discounts, meals, cafeteria facility, parking and meals (Employee Benefits Research Institute, 2005).Which are "mandatory", and which are "voluntary"?

The mandatory benefits are legally mandated by the government through programs that ensure universal coverage. In addition, they are mostly designed to boost income security of an individual in the event of either sickness, retirement or retrenchment (Employee Benefits Research Institute, 2005).The mandatory benefits are composed of social security, unemployment compensation, Medicare part A, workers compensation. In relation to social security, it is taxed as 8% from the employer and the employee tax on wages (Employee Benefits Research Institute, 2005).

The unemployment compensation is an experienced based tax in which the eligibility is achieved when an individual has worked for 1 year without going on strike, getting fired or resigning from the job. Voluntary benefits are majorly designed at promoting cost savings and convenience for the employees (Employee Benefits Research Institute, 2005). Furthermore, voluntary benefits are majorly provider by owners and management of businesses for their employees. In this regard, the voluntary benefits include paid lunch, severance pay, rest periods, awards and cash bonuses, employee and dependent health insurance, dental insurance, retiree health insurance, educational assistance, parking, meals, cafeteria facility, and child care (Employee Benefits Research Institute, 2005).

Voluntary benefits, which are taxableThe voluntary benefits which are fully taxable are composed of paid lunches, vacations, severance pay, rest periods, awards and cash bonuses (Employee Benefits Research Institute, 2005).Voluntary benefits that are tax exemptVoluntary benefits that are tax exempt include retiree health insurance, dental insurance, employee and dependent health insurance, vision insurance, legal assistance, educational assistance, child care, flexible spending accounts, discounts, parking, meals and cafeteria facility.

Voluntary benefits that are tax deferredThe tax deferred benefits are composed of defined benefit pension plans, Keogh plans, defined contribution plans that are divided into several categories. The categories of the defined contribution plans are composed of money purchase pension plans, savings and thrift plans, deferred profit-sharing plans, employee stock ownership plans, simplified employee pension plans, stock bonus plans, cash or deferred arrangements ( sec. 403 b, sec 401 k, sec 457), and individual retirement account (Employee Benefits Research Institute, 2005).

ReferencesEmployee Benefits Research Institute. (2005). Employee Benefits in the United States: An Introduction. Retrieved May 23, 2010 from:http://www.ebri.com/pdf/publications/books/fundamentals/Fnd05.Prt01.Chp01.pdfArthur, D. (1995). Chapter 8: Benefits. In Managing Human Resources in Small and Mid-Sized Companies. New York: AMACOM Books. (Note: Skim through the section on laws, up to p. 203, then read the rest). Arthur, D. (1995). Chapter 6: Compensation. In Managing Human Resources in Small and Mid-Sized Companies.

New York: AMACOM Books.Employee Benefits Research Institute. (2007, March). EBRI research highlights: Employment-Based Health Benefits: Access and Coverage, 1988-2005. EBRI Issue Brief, No. 303. Read pages 4, 5, 8, 11, 14, and 16-21.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“SLP 2 - MGT 411 COMPENSATION: BENEFITS Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
SLP 2 - MGT 411 COMPENSATION: BENEFITS Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/business/1663565-slp-2-mgt-411-compensation-benefits
(SLP 2 - MGT 411 COMPENSATION: BENEFITS Essay Example | Topics and Well Written Essays - 500 Words)
SLP 2 - MGT 411 COMPENSATION: BENEFITS Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/business/1663565-slp-2-mgt-411-compensation-benefits.
“SLP 2 - MGT 411 COMPENSATION: BENEFITS Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/business/1663565-slp-2-mgt-411-compensation-benefits.
  • Cited: 0 times

CHECK THESE SAMPLES OF SLP 2 - MGT 411 COMPENSATION: BENEFITS

Target Corporation

In terms of benefits, union groups see Target as less equitable than its competitors do.... Target's benefits packages rate high in terms of flexibility for higher-level employees.... Employees at Target are generally happy; however, there is some criticism of compensation and benefit packages offered by the company....
8 Pages (2000 words) Research Paper

Compensation Benefits

The following paper will propose the costs of the plan, exterior and interior equity, and creative methods of compensation and deliberate benefits for Lansing-Smith Corporation.... Due to shrinking local labor market and increasing turnover within Lansing-Smith Corporation, the board members will propose compensation and benefits plan.... I am the new Director of benefits for Lansing-Smith Corporation.... I am recommending a compensation program that will hopefully retain our employees and offer those benefits that are better then other companies....
4 Pages (1000 words) Essay

Managing Human Capital

In order to motivate employees in the workplace, it has been traditionally taken for granted that a system of rewarding employees with monetary benefits will provide the necessary incentive for them to perform according to the standards and goals set by management.... It was… d that the desire to be eligible for such rewards would be sufficient reason to expect employees to consistently deliver the desired quality and quantity of service or output demanded of their job....
12 Pages (3000 words) Essay

Case 2 TD-MGT 411 Compensation: Benefits

On the other hand, the fact that the firm does not offer benefits package to the new Employee benefits package Morale and profits It is essential to that Newco prevents interference with the former staff by hiring out 400 new employees to work in two new offices.... On the other hand, the fact that the firm does not offer benefits package to the new employees serve as a drawback to employee retention.... This is because a proper benefits package is one of the core things that attract employees to an organization....
1 Pages (250 words) Essay

Employee Compensation and Benefits

The purpose of this employee compensation and benefits package is to provide all the components of compensations and benefits of a secretary in a HR department of an organisation in Germantown, Maryland.... The main components of the employee compensation and benefits include… The wages of a secretary should be between $650 per week.... The Bureau of Labour Employee Compensation and benefits Package Employee Compensation and benefits Package for a Secretary for the HR department of an organisation in Germantown, MarylandIntroduction The purpose of this employee compensation and benefits package is to provide all the components of compensations and benefits of a secretary in a HR department of an organisation in Germantown, Maryland....
2 Pages (500 words) Assignment

The SAP ERP at the finance department of Al Jazeera

This study “The SAP ERP at the finance department of Al Jazeera” seeks to make contribution in expanding the research carried out by Pink by investigating Al Jazeera in detail to understand factors that lead to resistance among employees in the introduction of new systems.... … The theoretical basis for the study is the agency theory....
71 Pages (17750 words) Dissertation

Transforming the Human Resources Management at PAC

The major threat witnessed from this analysis is that the benefits and compensation structures are significantly high and they strain the financial status of the organization.... The company is paying large sums of money to cover the benefits of the employees and this scenario may not be sustainable in the long run....
5 Pages (1250 words) Essay

Benefits & Compensations Task 2

YLSS should have more employee benefits than the competitors in order to avoid the risk The standard pay for a software developers, programmer and engineers is $71k per annum.... Each employee in the company should also enjoy other benefits like health insurance, PTO and life insurance.... The benefits and salary given to the employee will enable the workers to be motivated and provide services for many years.... YLSS should have more benefits than the competitors as listed in the recommendation above in...
4 Pages (1000 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us