WEEK 7 Flashcards
Social Security System (SSS)
a state-run social insurance program for private,
professional, and informal sector workers, with government employees covered by
a separate state-pension fund.
Home Development Mutual Fund (HDMF)
The Pag-IBIG Fund offers housing
loans to government and private employees, while PhilHealth provides medical
care to employees through the Philippine Health Insurance Corporation.
required contribution
GSIS, Pag-IBIG Fund, and PhilHealth
Employee benefits
are an indirect form of compensation that organizations
provide to their workers through programs, policies, or services.
BENEFIT PROGRAM
- Social Insurance
- Pay for time not worked (Supplemental Pay Benefits)
- Family Friendly Policies
- Retirement Insurance
- Social Insurance
refers to citizen-funded,
government-administered programs that assist the community in times of
financial insecurity, whether due to financial hardship, disability, or old age.
- Pay for time not worked (Supplemental Pay Benefits)
Paid time off (PTO) may
include vacation, sick time, and personal time, as well as paid holidays and
paid leave for other reasons such as bereavement or jury duty.
- Family Friendly Policies
a type of benefit that allows employees to work in
a flexible environment so that they can care for their children and loved
ones
- Retirement Insurance
entails determining retirement income goals and the
resources required to meet those goals. Retirement planning entails
identifying income sources, estimating expenses, putting a savings plan in
place, and managing assets and risk
WORKERS’ COMPENSATION
” is a governmentmandated program that provides benefits to employees who are injured or
become ill on the job or as a result of their job. It is essentially a workers’
disability insurance program that provides cash benefits, healthcare
benefits, or both to workers who are injured or ill as a direct result of their
jobs.
WORKERS’ COMPENSATION
- Disability Income
- Medical Care
- Death Benefits
- Disability Income
a type of insurance policy that provides
income to people who are unable to work due to a disability.
TYPES OF GROUP INSURANCE
Formal Group -
Informal Group
TYPES OF DEATH BENEFITS
All-cause death benefits
icy.
Accidental Death Benefits (ADB)
Accidental death and dismemberment Benefits (ADDB)
group insurance policy
covers a group of people under the
same contract. A group insurance plan provides the same level of insurance
coverage to all members of a group, regardless of age, gender, occupation,
or socioeconomic status
Informal Group
- An informal group’s members may be members of a
society or cultural association. They may share a credit card or account.
The policy is purchased on behalf of the group members by the group owner
or administrator.
Formal Group
All members of a formal group, also known as an employer employee group, work for the same employer or group owner. A formal
group includes a company, a business organization, and a professional
organization. The employer purchases the insurance plan
ELIGIBILITY CRITERIA
Here are the requirements for group insurance eligibility.
* Minimum age of entry is 18 years.
* The maximum age varies. Some plans have a maximum age limit of 60
years, while others allow entry until the age of 80.
* The minimum number of group members varies depending on the type of
group insurance plan. Some plans may necessitate a group size of at least
ten people. Others may require a group of 50 members to be eligible for
group insurance.
* All members must be active and full-time members of the group.
Short-Term Disability (STD):
Provides benefits for a limited duration,
typically a few weeks to a few months, covering temporary disabilities.
Retirement planning
involves setting financial goals, estimating future expenses,
and developing strategies to accumulate sufficient savings to maintain a desired
standard of living during retirement.
Health Maintenance Organization (HMO)
A health care plan that provides
benefits on a prepaid basis for employees who are required to use only HMO
medical service providers.
Preferred Provider Organization (PPO)
A group of health care providers who
contract with employers, insurance companies, and so forth to provide health care
at a reduced fee.
Pre-Retirement Planning
the process of preparing for one’s retirement years by
assessing and addressing various financial, lifestyle, and personal factors.
Employee Assistance Programs (EAPs):
Offering EAPs that provide
counseling, support, and resources for employees and their families can contribute
to a supportive work environment.
Family Medical Leave Act (FMLA) Compliance
Ensuring compliance with FMLA
regulations, which provide eligible employees with unpaid leave for certain family
or medical reasons, can be part of family-friendly policies.
Lactation Support:
Providing a private and comfortable space for nursing
mothers and allowing flexible break times for breastfeeding or expressing milk
supports the transition back to work after maternity leave.
Bereavement Leave
Some companies offer paid time off to employees who have
experienced the loss of a close family member. This is a compassionate policy to
support employees during difficult times
DEFINED CONTRIBUTION PLAN
defined contribution plans do not
commit to providing a predetermined retirement benefit for employees. Instead,
each employee is allocated an individual account, wherein a fixed contribution,
either a predetermined amount or a percentage of their paychecks, is set aside to
fund their retirement.
DEFINED BENEFIT PLAN
A defined benefit plan guarantees a specified retirement benefit level to
employees, typically based on a combination of years of service, age, and the
employee’s earnings level.
➢ Retirement Age:
- The age at which individuals choose to retire can vary. Some may retire
as early as their 50s, while others may continue working well into their
70s or beyond. Retirement age may also be influenced by factors such
as health, financial stability, and personal preferences
