CHAP1&2 - Introduction to Employee Benefits Chapters...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Introduction to Employee Benefits Chapters 1&2
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Definition of Employee benefits: * Narrow approach: employer provided benefits for death, accident, sickness, * Broad approach: mandatory benefits, insurance and retirement, time not worked, extra cash and cost of services.
Background image of page 2
Brief History Employee benefit programs have existed in the US since colonial times: 1636 Plymouth Colony settlers’ retirement program 1797 Gallatin Glassworks’ profit-sharing plans 1875 American Express’s pension plan 1910 Montgomery Ward’s group health, and accident insurance
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Employer Costs per Hour Worked for Employee Compensation (March 2011) Year 1998 2010 Cost % Cost % Total Compensation $19.76 100% $30.07 100% Wages & salaries 14.30 72.4 20.9 69.6 Benefits 5.47 27.7 9.17 30.4 Legally required 1.63 8.2 2.34 7.8 Retirement & savings 0.75 3.8 1.35 4.5 Defined contribution 0.28 1.4 0.54 1.8 Defined benefit 0.47 2.4 0.81 2.7 Insurance 1.25 6.3 2.67 8.9 Health benefits 1.15 5.8 2.52 8.4 Supplemental pay 0.51 2.6 0.69 2.3 Paid leave 1.30 6.6 2.10 7.0
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/01/2011 for the course FIN 4855 taught by Professor Raji during the Spring '11 term at UCM.

Page1 / 16

CHAP1&2 - Introduction to Employee Benefits Chapters...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online