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Essential Points Concerning Employee Benefits

When you are seeking employment, it is understandable that the employee benefit package to be given by the company upon hiring or becoming regular rank high among your deciding factors whether to accept a job offer or not. Most employees usually rate employee benefits as second to the salary being given, as an important factor in an employment.
In fact, benefits like healthcare, plays an essential role in the manner that people seek employment. However, it is sad to note that recently, there has been a notable decline in the benefits packages being given by companies.
The continued increase in the costs of insurance payments and the other benefits is forcing the company to lessen or even eliminate their benefit offering altogether. This situation has ignited many disputes concerning employee benefits - the truth behind its distribution and its system of provision.
Important concepts involving employee benefits:
- Some benefits are being mandated, while many are not provided. Only standard benefits like holiday pay, health care, and vacations are included in the benefits package being offered routinely by most companies of various sizes. Most of these benefits being provided may have a legal standpoint, but a certain specific law does not necessarily govern them.
- Many candidates for employment ay consider the benefit packages being offered as a major deciding factor, especially on the face of competitive job markets. The organizations usually offer to provide these benefits with the motive of attracting and retaining employees with the highest and impressive qualifications.
The companies' policy in this matter would be that it is a worthwhile business investment to provide significant perks or awards for employees in order to attract an employee with an advanced caliber. The company finds benefits provision as a necessary investment to attract and retain capable workforce and inspire them to achieve bigger and better for the good of the company.
Employee benefits are thus borne of the owners, sub contractors and employers' objective of keeping the most talented stay in the company. These benefits are not even a legal requirement that would put them into jeopardy if not complied with.
- Here is a sample list of provisions wherein employee benefits can be defined between being a benefit or a privilege:
- 100% unemployment insurance coverage - required for any company employing a minimum of one employee
- Worker's compensation - the same principle applies as with the insurance coverage.
- Pregnancy disability leave - this benefit is applicable only to companies employing a minimum of five workers. Reasonable accommodation of about four to eight weeks must be provided.
- Vacation - not really required by any current law but needs to be summed up and paid to the employee upon his/her separation.
- Sick pay - not a required benefit, though certain employees with conditions applicable under the FMLA or Federal Medical Leave Act, a time off must be provided with time off without pay but protected against any action that would cause to lose his or her employment.
- Holiday pay - based on company's discretion but not actually mandated by any particular law
- Pension and Retirement package - these benefits may not be considered mandatory but if the employer provides for coverage, and then it should follow ERISA regulations and the tax laws.
- Heath care Insurance - not really required by any law but if offered, it must be under the regulations of COBRA or Cal - COBRA and the HIPPA.
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