Compensation and Benefits Module Seven: Benefits

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Learn about different benefit plans, costs to employers, employee choices, and popular benefits like health insurance. Understand key terms, mandatory and optional benefits, and common types of paid leave.

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  1. Compensation and Benefits Module Seven: Benefits

  2. Learning Objectives Define terms related Benefits. Identify the various parts of benefit plans. Evaluate the part benefits play in overall compensation. Assess the costs of benefits to employers. Explain how employees exercise benefit choices.

  3. Key Terms Social Security Discretionary Benefits Mandatory Benefits Total Rewards Employee Benefits

  4. Key Terms Vesting Unemployment Insurance Worker s Compensation Insurance COBRA Family Medical Leave Act

  5. Why offer Benefits? Health Insurance? Life Insurance? Child/Elder Care? Paid time off?

  6. The Cost of Benefits Individual: Sum of all benefits (annually)/Annual Salary = Benefits as a percent of salary. Institution: Average annual amount spent on all employee benefits/total annual salary for all employees. 29.5% - 38.3% over salary

  7. Mandatory Benefits 1 3 5 2 4 6 Social Security Unemployment Insurance Worker s Compensation Insurance Family Medical Leave Act Continuation of Health Coverage (COBRA) Health Insurance

  8. Optional Benefits Life Insurance Disability Insurance Health Insurance Cafeteria Plans

  9. Common Types of Paid Leave Vacation Holiday Sick Jury Duty Bereavement

  10. Retirement Plans Individual Retirement Arrangements (IRA) Employee Stock Ownership Plan (ESOPs) Profit-Sharing Governmental Plans 401 K Defined Benefit 403 B Money Purchase 957

  11. Discretionary Benefits

  12. Domestic partner benefits

  13. Flexible Spending Accounts

  14. Health Savings Accounts High Deductible Health Plans Pre-tax Roll over from year to year Take from one employer to another

  15. Employee Assistance Plans

  16. Communicating Benefits

  17. In the Spotlight 1. Should paid family medical leave be a federally-mandated benefit? If so, how should it be paid for? 2. Since the reversal of Roe v. Wade in 2022, many employers are offering benefits to women to cover abortion, including travel funds and paid time off. What should employers consider when developing a policy to cover abortion? 3. In a post-pandemic world, are benefits employees seeking different?


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