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1.4 Notes KEY - Employment Benefits (1).pdf - Unit 1:...

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Unit 1: Career1.4 Employment BenefitsWhat Are the Benefits of a Job?Highlight important informationThe first time you get a full-time job, someone will probably ask you, “How are the benefits?” You mightthink this is a foolish question because the best benefit you know of is that the job is salaried. This is amonetary benefit. You might respond that you will find satisfaction in working in a career you trained for. This isan emotional benefit. But the questioner is probably asking you aboutemployee benefits, the value-addedoptions that employers often offer full-time employees. Typically, benefits are in the forms of insurance(health, life, and disability); paid vacation time and paid sick time (often combined into paid time off [PTO]);paid holiday time; retirement plans; stock ownership plans; childcare leave; and more. Family health carecovers all members of the immediate family for health care bills to the extent outlined in the health carecoverage plan. Individual health care covers only the employee. A pension is compensation that an employeereceives from an employer after retirement.While companies are not required to offer all the above benefits, there are some benefits that arerequired. Unemployment insurance is a government program that offers benefits to eligible employees who,through no fault of their own, have become unemployed. These workers must meet certain eligibilityrequirements. The program is meant to offer temporary assistance to people who are out of a job, but arelooking for employment. For example, suppose that you work for a paper company. Over the last two decades,the use of paper has increasingly been replaced by electronic message transmission—texts and emails. As aresult, your employer found that she must reduce the workforce in order to stay in business. She informed youthat you would no longer have a job in the company. Here, your impending loss of a job was not your fault. Ifyou also meet other requirements as outlined by state law, you could be eligible for unemploymentcompensation. The amount you receive is based on a percentage of what you earned at your job over aqualifying period of employment. There is a state maximum for this benefit. The benefits are sometimesextended by federal and state agencies beyond the initial compensation period. The actual formula used tocompute the weekly compensation varies from state to state, but most states make the determination onsalaries that the employee earned during a fixed period of time known as the base period.Another benefit that is required by the government is worker’s compensation. The extent ofcompensation from this program is governed by state laws. But the purpose of the program is to offerassistance to employees who are injured while working at their job.
The question that people ask about your benefits when you get your job is the question you should be

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Term
Spring
Professor
N/A
Tags
Employee Benefit, Employment compensation

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