HR Basics: Employee Benefits 2e

TL;DR

Exploration of mandatory and voluntary employee benefits, including Social Security, workers' compensation, and FMLA, as well as strategies for benefit administration.

Transcript

HR basics is a series of short courses designed to highlight what you need to know about a particular human resource management topic in today's HR basics we explore mandatory and voluntary employee benefits and benefit administration employee benefits include all compensation other than hourly wages or base salary employee benefits are the program... Read More

Key Insights

• 💁 Social Security forms a basic income foundation post-retirement for American workers.
• 🧑‍⚕️ Workers' compensation ensures medical care and benefits for work-related injuries.
• ❓ Unemployment insurance provides weekly income for those involuntarily unemployed through state-managed programs.
• 😷 The FMLA mandates job-protected leave for eligible employees for various medical and family reasons.
• ❓ The Affordable Care Act extends healthcare coverage to many Americans and carries employer responsibility provisions.
• 🧑‍⚕️ Voluntary benefits focus on health, wellness, and retirement, enhancing employee value and loyalty.
• ❓ Benefits administration involves managing and updating employee benefit programs to maximize engagement and retention.

Questions & Answers

Q: What are mandatory benefits in the United States?

Mandatory benefits include Social Security, workers' compensation, unemployment compensation, and FMLA, ensuring employee security and well-being.

Q: How do employers fund Social Security?

Social Security is funded through employer and employee payroll taxes, providing retired workers with income security post-retirement.

Q: What is the purpose of the Family Medical Leave Act (FMLA)?

The FMLA requires covered employers to grant unpaid, job-protected leave for various qualifying reasons, such as medical or family-related issues.

Q: Why are voluntary benefits important for employees?

Voluntary benefits, covering health, wellness, and retirement, are crucial as they lower costs for employees and enhance overall job satisfaction.

Summary & Key Takeaways

• Employee benefits encompass various programs beyond salary, like health and retirement plans.

• Mandatory benefits in the US include Social Security, workers' comp, and unemployment insurance.

• Voluntary benefits focus on health, wellness, and retirement, enhancing employee value and attraction.