Chp 13

Question 1

Categories of benefits

Answer 1

1) pay for time not worked
2) insurance
3) retirement
4) services

Question 2

Pay for time not worked

Answer 2

1) unemployment insurance (regulated by state)
2) vacations & holidays (not legally required)
- provided to 90% of full time and 37% of part-time workers in private Industry
3) sick leave
4) family & medical leave act FMLA(1993)
- up to 12 weeks of unpaid leave within a 1yr period
- employees must take unused paid leave 1st
- employees on leave retain their health benefits
- employees have the right to return to their job or equivalent position
5) severance pay-1 time payment if leaving company through no reason of your own. Not leagally required (layed off)
6) supplemental unemployment benefits-largely received by union members

Question 3

Insurance benefits

Answer 3

1) 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
2) hospitalization, health, and disability insurance
- coverage -HMOs(health maintenance org) -PPOs(preferred provider org) -mental health
3) Patient Protection & Affordable Care Act of 2010 (Obama Care)
4) COBRA-cont old coverage till new 1 kicks in
5) Long-term disability
6) life insurance

Question 4

Retirement benefits

Answer 4

1) SS
2) pension plans
- defined benefit plan-employers give % of wages per yr after retirement from working
- defined contribution plans-employers contribute % of gross pay per paycheck into acct
- 401(k) plans- employee contributes & employer matches your contribution up to the amt they maximize
3) pension planning & the law
- vesting

Question 5

Services

Answer 5

• Employee assistance programs (EAPs)-counseling and advisory services such as professional legal and financial services, adoption assistance, mental health counseling
  1) Family-friendly work life benefits-child care, elder care, fitness facilities & flexible work schedules
  2) Educational subsidies-tuition refunds
  3) domestic partner benefits-domestic partners can receive the same benefits