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Benefits and Services

Chapter 13. Part 4 | Compensation. Benefits and Services. After studying this chapter, you should be able to:. Name and define each of the main pay for time not worked benefits. Describe each of the main insurance benefits. Discuss the main retirement benefits.

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Benefits and Services

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  1. Chapter 13 Part 4 | Compensation Benefits and Services © 2008 Prentice Hall, Inc. All rights reserved. www.bzupages.com

  2. After studying this chapter, you should be able to: • Name and define each of the main pay for time not worked benefits. • Describe each of the main insurance benefits. • Discuss the main retirement benefits. • Outline the main employees’ services benefits. • Explain the main flexible benefit programs. © 2008 Prentice Hall, Inc. All rights reserved.

  3. Types of Employee Benefits Supplemental Pay Insurance Benefits Retirement Benefits Employee Services Benefits © 2008 Prentice Hall, Inc. All rights reserved.

  4. Which benefits to offer Who will be covered Whether to include retirees Coverage during probation Policy Issues How to finance benefits Degree of employee choice Cost containment procedures Communicating benefits options Policy Issues in Designing Benefit Packages © 2008 Prentice Hall, Inc. All rights reserved.

  5. Vacations and Holidays Unemployment Insurance Supplemental Pay Benefits Sick Leave Parental Leave Supplemental Unemployment Benefits Severance Pay Pay For Time Not Worked © 2008 Prentice Hall, Inc. All rights reserved.

  6. Insurance Benefits • Workers’ Compensation • Provides income and medical benefits to work-related accident victims or their dependents, regardless of fault. • Death or disability: a cash benefit based on earnings per week of employment. • Specific loss injuries: statutory list of losses • Controlling workers’ compensation costs • Screen out accident-prone workers. • Make the workplace safer. • Thoroughly investigate accident claims. • Use case management to return injured employees to work as soon as possible. © 2008 Prentice Hall, Inc. All rights reserved.

  7. Trends in Health Care Cost Controls Cost-Control Trends Communication, Involvement, and Empowerment Premiums and Co-Pays Prevention Programs Health Savings Accounts Claim Audits © 2008 Prentice Hall, Inc. All rights reserved.

  8. Automating health care plan administration Defined contribution health care plans Controlling Health Care Costs Outsourcing health care plan administration Eliminating retiree health care coverage Benefits purchasing alliances Other Cost-Control Options © 2008 Prentice Hall, Inc. All rights reserved.

  9. Policy Issues In Pension Planning Membership Requirements Benefit Formula Plan Funding Vesting Retirement Benefits (cont’d) © 2008 Prentice Hall, Inc. All rights reserved.

  10. Defined Benefits Plans Defined Contribution Plans Types of Pension Plans Qualified Plans Nonqualified Plans Retirement Benefits (cont’d) © 2008 Prentice Hall, Inc. All rights reserved.

  11. Types of Defined Contribution Plans 401(k)Plans Savings and Thrift Plans Deferred Profit-Sharing Plans Employee Stock Ownership Plans (ESOPs) Cash Balance Pension Plans Retirement Benefits (cont’d) © 2008 Prentice Hall, Inc. All rights reserved.

  12. 1 2 3 4 Personal Services (cont’d) Steps for Launching an EAP Program Develop a policy statement. Ensure professional staffing. Maintain confidential record-keeping systems. Be aware of legal issues. © 2008 Prentice Hall, Inc. All rights reserved.

  13. Flexible Benefits Programs • Cafeteria (Flexible Benefits) Approach • Each employee is given a limited benefits fund budget to spend on preferred benefits. • Types of plans • Flexible spending accounts • Core plus option plans • Flexible Work Arrangements • Flextime schedules • Compressed workweek schedules • Job sharing • Work sharing • Telecommuting © 2008 Prentice Hall, Inc. All rights reserved.

  14. benefits supplemental pay benefits unemployment insurance sick leave severance pay supplemental unemployment benefits workers’ compensation case management health maintenance organization (HMO) preferred provider organizations (PPOs) group life insurance Social Security pension plans defined benefit pension plan defined contribution pension plan portability 401(k) plan savings and thrift plan deferred profit-sharing plan employee stock ownership plan (ESOP) cash balance plans Employee Retirement Income Security Act (ERISA) Pension Benefits Guarantee Corporation (PBGC) vested funds early retirement window employee assistance program family-friendly benefits flexible benefits plan/cafeteria benefits plan flextime compressed work week job sharing work sharing telecommuting K E Y T E R M S © 2008 Prentice Hall, Inc. All rights reserved.

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