By Must ajab Zahr a
18-3
Unemployment Insurance compensation
The federal and state governments provide unemployment insurance Part of original social security act because Programs
pay weekly cash benefits to workers who are involuntary unemployed
Cash benefits are paid during periods of short-term involuntary unemployment
Applicants are encouraged through local employment offices to seek out employment
Unemployment benefits help stabilize the economy
Unemployment Compensation (Cont.)
Individual receives compensation for up to 26 weeks
Provide compensation until job is found Provides employees With some income
carry-over during periods of involuntary unemployment
( Social Securities)
Legally Required Benefits
Workers’ Compensation paid for by the
organization rates based on likelihood
of accidents, past history, and the type of industry
benefits pay expenses and/or compensate for losses resulting from work-related accidents or illness, regardless of fault
Worker’s Compensation
Expenses resulting from job-related accidents or illnesses
Program paid for by employers
Encouragement for proper health and Safety programs
Traditional Health Insurance
• Health care• Travel insurance • Health Maintenance Organization Act of
1973 (HMOs) • Preferred Provide Organization (PPOs)• Employer _ Operated Converges• Health Insurance Continuation act Of
1996
(COBR ACT )… a/f 3 year
Discretionary Benefits (Voluntary)
• Payment for time not worked• Life Insurance• Retirement plans• Employee services• Part-time employee benefits• Family and Medical Leave Act of 1993
(FMLA)
Payment for Time Not Worked“PTO”
Disability Insurance Programs
Paid vacations Sick pay Survivor Benefits Sabbaticals Jury duty
Life Insurance
Group life insurance commonly provided benefit to protect employee’s family in event of death
Life Insurance help out the family After the death of the person
Retirement Plans
Vesting Right Benefits plans Money Purchase
Pension Plan contribution plan Profit _sharing plan
Employee Services
Relocation Child care Educational assistance Food service Parking facilities Legal services
Disability Protection
Provides monthly benefit to employees who, due to illness or injury, are unable to work for an extended period
References
BUS 200 Introduction to Risk Management Insurance Book by Jin Park
Book Principle of Risk Management & Insurance By George E.Rejda
Book Human resource Management By Stephen.b.Rubben
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