Exam3 - FC2

Exam3 - FC2 - The flashcards are formatted for printing....

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Supplemental Pay; Insurance Benefits
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Indirect financial and nonfinancial payments employees receive for continuing their employment with the company. Employee benefit plans include sick leave and vacation pay (____) and workers’ compensation (____).
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Benefits Retirement; Employee Services
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Employee benefit plans include pensions (____) and child-care facilities (____). Received by most full- time employees in the United States; a major expense for employers, accounting for about one-third of wages and salaries; virtually all employers offer some health insurance
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coverage.
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Developing Benefits Plans Benefits
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Includes pay for time not worked, insurance, retirement, and services. Issues include benefits to be offered, coverage of retirees in the plan, denial of benefits to employees during initial “probationary” periods, and the financing of benefits.
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Legally Required Benefits Developing Benefits Plans
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Issues include benefit choices to give employees, cost containment procedures to use, and communicating benefits options to employees. Include social security, unemployment insurance, workers’ compensation, and leaves under the Family Medical Leave Act.
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Unemployment Insurance Unemployment Insurance
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Provides for benefits if a person is unable to work through no fault of his or her own. Payroll tax on employers that is determined by an employer’s rate of personnel terminations; tax is collected and administered by the state; the more terminations, the higher
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the tax, a policy paid for by you through work.
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Sick Leave Pay For Time Not Worked
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i.e. unemployment insurance, vacations and holidays, sick leave, parental leave, severance pay, and supplemental unemployment benefits Provides pay to an employee when he or she is out of work because of illness; there are costs associated with its misuse and could include pooled paid leave plans.
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Family Medical Leave Act (FMLA) Family Medical Leave Act (FMLA)
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Employees must take unused paid leave first, but retain their health benefits and have the right to return to their job or an equivalent position. Up to twelve weeks of unpaid leave within a one-year period for an employee’s serious illness, the birth or adoption of a child, or the care of a seriously ill child, spouse, or parent.
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Severance Pay Severance Pay
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A one-time payment when terminating an employee. Acts as a humanitarian gesture and good public relations, mirrors employee’s two week quit notice, and avoid litigation from disgruntled former employees.
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Supplemental Unemployment Benefits (SUB) Severance Pay
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Meets plant closing requirements and reassures employees who stay on after their employer downsizes its workforce of their good intentions. Payments that supplement the laid-off or furloughed employee’s unemployment compensation; considered previously earned compensation for unemployment
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calculation purposes.
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Workers’ Compensation Supplemental Unemployment Benefits (SUB)
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The employer make contributions to a reserve fund from which the payments are made to employees for the time the
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Exam3 - FC2 - The flashcards are formatted for printing....

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