Chapter 13 notes - Chapter 13 Providing Employee Benefits...

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Chapter 13 Providing Employee Benefits Employee benefits - compensation in forms other than cash Benefits required by law: Social security - the federal Old Age, Survivors, Disability, and Health Insurance (OASDHI) program, which combines old age (retirement) insurance, survivor’s insurance, disability insurance, hospital insurance (Medicare Part A), and supplementary medical insurance (Medicare Part B) for the elderly Unemployment insurance - a federally mandated program to minimize the hardships of unemployment through payments to unemployed workers, help in finding new jobs, and incentives to stabilize employment o Experience rating - the number of employees a company has laid off in the past and the cost of providing them with unemployment. Employers with a history of laying off a large share pay higher taxes. Worker’s compensation - state programs that provide benefits to workers who suffer work related injuries or illnesses, or to their survivors o 4 categories: disability income, medical care, death benefits, and rehabilitative services o States differ in terms of funds Unpaid family and medical leave o Family and Medical Leave Act (FMLA) - federal law requiring organizations with 50 or more employees to provide up to 12 weeks of unpaid leave after childbirth or adoption; to care for a seriously ill family member’ or for an
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This note was uploaded on 11/28/2011 for the course MGT 315 taught by Professor Wenier during the Summer '08 term at Michigan State University.

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Chapter 13 notes - Chapter 13 Providing Employee Benefits...

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