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    Benefits

    Uploaded by

    ryuken
    Benefits typically make up about 37% of payroll costs and 27% of total compensation. However, there is little evidence on how benefits impact attraction, retention, retirement, or performance. Benefits have become standard for employers due to several factors like laws passed during the Depression, tax benefits, and organized labor. Common benefits include social security, private group insurance, retirement plans, and paid time off. Social security provides old age, disability, unemployment, and medical insurance benefits that are tax free. Private group insurance is offered by employers and provides lower costs through risk pooling. Paid vacation time is typically 10 days in the US and 30 days in Western Europe, while sick leave often provides full pay for a limited period

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    Benefits

    Uploaded by

    ryuken
    68 views2 pages
    Benefits typically make up about 37% of payroll costs and 27% of total compensation. However, there is little evidence on how benefits impact attraction, retention, retirement, or performance. Benefits have become standard for employers due to several factors like laws passed during the Depression, tax benefits, and organized labor. Common benefits include social security, private group insurance, retirement plans, and paid time off. Social security provides old age, disability, unemployment, and medical insurance benefits that are tax free. Private group insurance is offered by employers and provides lower costs through risk pooling. Paid vacation time is typically 10 days in the US and 30 days in Western Europe, while sick leave often provides full pay for a limited period

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    Benefits typically make up about 37% of payroll costs and 27% of total compensation. However, there is little evidence on how benefits impact attraction, retention, retirement, or performance. Benefits have become standard for employers due to several factors like laws passed during the Depression, tax benefits, and organized labor. Common benefits include social security, private group insurance, retirement plans, and paid time off. Social security provides old age, disability, unemployment, and medical insurance benefits that are tax free. Private group insurance is offered by employers and provides lower costs through risk pooling. Paid vacation time is typically 10 days in the US and 30 days in Western Europe, while sick leave often provides full pay for a limited period

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    68 views2 pages

    Benefits

    Uploaded by

    ryuken
    Benefits typically make up about 37% of payroll costs and 27% of total compensation. However, there is little evidence on how benefits impact attraction, retention, retirement, or performance. Benefits have become standard for employers due to several factors like laws passed during the Depression, tax benefits, and organized labor. Common benefits include social security, private group insurance, retirement plans, and paid time off. Social security provides old age, disability, unemployment, and medical insurance benefits that are tax free. Private group insurance is offered by employers and provides lower costs through risk pooling. Paid vacation time is typically 10 days in the US and 30 days in Western Europe, while sick leave often provides full pay for a limited period

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    Benefits

    Benefits add up to about 37% for every payroll dollar, and comprise about 27%
    of the total compensation package.
    Little evidence on the impact benefits have on
    attraction/retention/retirement/performance
    There is more regulation of benefits than of direct pay
    Benefits have become almost obligatory for employers to provide
    Benefits are complex for employees to understand
    Reasons for Benefits Growth
    1)
    2)
    3)
    4)
    5)
    6)

    Law mandating benefits passed during and after the Depression


    Wage and price controls instituted during WW2 and labour shortages
    Tax treatment of benefits as compared to personal income
    Buying group v individual insurance
    Organised Labour
    Employer differentiation

    Benefit Programmes: Social Security


    Private Group Insurance
    Retirement
    Pay for time not worked
    Family-friendly policies
    1+3) Social security includes provision for old-age insurance, unemployment
    insurance, disability insurance, hospital insurance, and supplementary medical
    insurance. Social Security benefits are also free from federal tax. Currently, full
    benefits begin at age 65 (reduced benefit can begin at age 62)
    2) PGI offered at discretion of employers, not legally required. But group rates
    are generally lower in costs because of economies of scale, the ability to pool
    risks, and greater bargaining power of a group.
    4) in Western Europe, 30 days of mandated vacation is common. In US, 10 days
    is common. Sick leave programmes also often provide full salary replacement for
    a limited period of time.

    Employee benefits in Singapore


    1) Rest Days. Employers must provide at least one rest day every week
    without pay. If they work on their rest day, pay one days pay if half a
    day or less. Pay two days pay if more than half a day. (half all amounts if
    work was done at the employees request)
    2) Public Holidays. Employees are entitled to 11 paid public holidays per
    year. If they work on a PH, should be given an extra days salary or a
    replacement day off.
    3) Sick Leave. Employee are entitled to paid outpatient sick leave and
    hospitalisation leave if they have worked at the company for at least 3

    months, obtained a MC from company/govt doctor and informed employer


    of the sick leave within 48 hours
    4) Annual Leave. Employees are entitled to paid annual leave if they have
    worked at the company for at last 3 months.
    5) CPF Contributions. Employers required to pay CPF contributions to all
    SG/PR employees earning more than $50/month. Applicable even if parttime/ad-hoc/contract/probation period
    6) Maternity & Childcare Leave. Female employees employed for more
    than 3 months entitled to 16 weeks of paid maternity leave. Also, if child
    <7years, entitled to 6 days of childcare leave
    Choose a Benefit package that is tailored for that specific industry. Use industrial
    norms to evaluate premium rates rather than just demographics of a single
    company. A well informed provider shares important information about cost in
    the industry
    Employees choose the type of health care plan they want, employers will
    contribute a fixed amount. Employees then bear the amount over and above.
    This promotes preventive care
    Other passive health/wellness benefit programmes: provide gym membership,
    nutritional information, healthy food in canteens, adequate rest and relax areas,
    down time, refreshment stops, etc.
    Companies should also anticipate and prepare for new healthcare reform
    measures. Keep themselves up to date about the rising cost in medical and
    pharmaceutical products.

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