Employee Benefits Required By Law Essay -- essays research papers

Employee Benefits Required by practice of law     The legally needful employee benefits constitute nearly a quarter of the benefits packet that employers provide. These benefits include employer contributions to kind security department, unemployment insurance, and workers compensation insurance. Altogether such benefits represent just about twenty-one and half percent of payroll costs. kind protection      companionable Security is the federally administered insurance system. Under current federal laws, twain employer and employee must pay into the system, and a certain percent sequence of the employees stipend is paid up to a maximum limit. Social Security is needful for employees and employers. The most noneworthy exceptions are state and local government employees.      The Social Security Act was passed in 1935. It provides an insurance plan designed to revive cover individuals against loss of earnings resu lting from various causes. This loss of earnings may result from retirement, unemployment, disability, or the causa of dependents, the death of the person supporting them. Social Security does not pay off except in the case where a loss of income through loss of employment actually is incurred. In order to be eligible for old bestride and survivors insurance (OASI) as well as disability and unemployment insurance under the Social Security Act, an individual must have been engaged in employment covered by the Act. Most employment in private enterprise, most types of self-employment, quick military service after 1956 and employment in certain nonprofit organization organizations and governmental agencies are subject to coverage under the Act. Railroad workers and joined States civil service employees who are covered by their own systems and slightly occupational groups, under certain conditions, are exempted form the Act. The Social Security Program is supported by means of a ta x levied against an employees earnings which must be matched buy the employer. Self-employed persons are required to pay a tax on their earnings at a rate, which is higher than that paid by employees but less than the combined pass judgment paid by employees and their employers.     In order to receive old age insurance benefits, a person must have reached retirement age and be fully insured. ... ...evel is inclined to encourage disabled employees to return to work. other potential problem is that agencies must deal only with the one certain "insurer." In most private insurance markets, the amount of prevention function is used as a device to attract and retain customers. It is not clear whether the Office of Workers Compensation Programs has any incentive to offer these key services. occupational health and arctic is as important a regulatory going today as it was in the early 20th century, when it was at the head of government intervention in th e labor market. We should clearly be development all available devices for improving the operation of the labor market. Because employees will be compensated for their occupational injuries, it is necessary to take full advantage of the finance of that compensation system in order to create incentives for prevention. The financing arrangements instantly in use are quite strong, but reinforcing prevention incentives has never been viewed as their primary purpose. Recognition of this preventive incentive role and tending to its improvement will serve to improve the occupational health and safety of American workers.