Depending on the company, these benefits may include health insurance (required to be offered by larger companies), dental insurance, vision care, life insurance, legal insurance, paid vacation leave, personal leave, sick leave, child care, fitness, retirement benefits and planning services, college debt relief, pet insurance, and other optional benefits offered to employees and their families.
Full Answer
What are the benefits offered by a company?
Depending on the company, these benefits may include health insurance (required to be offered by larger companies), dental insurance, vision care, life insurance, legal insurance, paid vacation leave, personal leave, sick leave, child care, fitness, retirement benefits and planning services, college debt relief, pet insurance, ...
What are the 4 types of benefits offered by employers?
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we’ve loosely categorized these types of employee benefits and given a basic definition of each. Medical.
What is included in an employee benefits package?
An employee benefits package includes all the non-wage benefits, such as health insurance and paid time off, provided by an employer. There are some types of employee benefits that are mandated by federal or state law law, including minimum wage, overtime, leave under the Family Medical Leave Act, unemployment, and workers' compensation and ...
Are there any benefits that a company is not required to offer?
There are other types of employee benefits that companies are not required to offer, but choose to provide to their employees. There are some benefits and perks you may be able to negotiate as part of your compensation package when you've been offered a new job.
Which of the following is considered an employee benefit?
Employee benefits are any benefits provided to employees in addition to their base salaries and wages. A complete employee benefits package may include health insurance, life insurance, paid time off (PTO), profit sharing, retirement benefits, and more.
Which of the following would be considered a benefit of business in society quizlet?
Business can benefit society by offering valuable goods and services, providing employment, paying taxes, and contributing to national growth, stability, and security. You just studied 15 terms!
Which of the following benefits are not legally required employee benefits?
Non-mandated employee benefits are at the discretion of the employer. These can include benefits such as paid vacation time, contributions to retirement savings plans, education assistance, wellness programs, and childcare assistance.
For what kind of discrimination does the EEOC handle complaints quizlet?
The EEOC has jurisdiction to investigate charges of discrimination based on race, color, national origin, gender, religion, age, disability, and genetic information. You just studied 46 terms!
What are the benefits of business to the economy?
Local Employment and Income. One of the most personal advantages of businesses in the local economy is the boost in employment in the region. ... Local Tax Income. ... Access to Services. ... Community-Focused Political Advantages. ... Cultivating Loyal Customers.
What are the benefits of business for society?
Profits do matter, but today we know more about how business contributes to society. Good firms bring innovation to the marketplace, which facilitates their growth. Innovative, growing firms generate economic growth and employment, which, in turn, greatly improves people's lives.
Which of the following is a legally required benefit?
Legally required benefits. The grouping includes Social Security, Medicare, federal and state unemployment insurance, and workers' compensation. These benefits are affected by federal and state laws.
Which of the following benefits is required by law?
Answer: Benefits required by law include Social Security, unemployment insurance, workers' compensation, and leaves under the FMLA. Discretionary benefits include disability, health, and life insurance, pension plans, executive perks, paid time off, employee assistance programs, and family-friendly benefits.
Which of the following is not a mandatory benefits?
Benefits Not Required by Law Some non-required benefits include certain forms of supplemental insurance, life insurance, retirement savings plans, dental and vision care, wellness programs, and some salary perks.
Which government agency is responsible for enforcing employment discrimination laws quizlet?
is the federal agency responsible for enforcing most federal anti-discrimination laws. The members of the EEOC are appointed by the U.S president. The EEOC is empowered to conduct investigations , interpret the statutes , encourage conciliation between employees and employers , and bring suits to enforce the law.
Which of the following is an example of an EEO violation?
Some examples include: Not hiring someone for a job specifically due to their race. Sexual harassment in the workplace. Denying a woman for a promotion because she is pregnant or may become pregnant.
Which of the following is a law intended to eliminate discrimination in the workplace?
Title VII of the Civil Rights Act of 1964 prohibits an employer from discriminating against an employee or an applicant on the basis of race, color, or national origin.
What are employer provided benefits?
Types of Employer-Provided Benefits and Perks. In addition to benefits required by law, other benefits are provided by companies because they feel socially responsible to their employees and opt to offer them beyond the level required by law. Depending on the company, these benefits may include health insurance ...
What are the benefits of a business?
These perks, also known as "benefits in kind," can include: Bonuses; profit sharing. Medical, disability and life insurance. Paid vacations. Free meals. Use of a company car.
How many hours does an employer have to provide health care?
Employers are required to provide health care to employees who work at least 30 hours per week. 4 Some (though not many) part-time workers are covered by employer plans.
What is an employee benefits package?
An employee benefits package includes all the non-wage benefits, such as health insurance and paid time off, provided by an employer. There are some types of employee benefits that are mandated by federal or state law, including minimum wage, overtime, leave under the Family Medical Leave Act, unemployment, and workers' compensation ...
How many non-government employers offer health benefits?
Among non-government employers, 87% offered health benefits according to the BLS. Another 67% offered their employees a pension or retirement program. 3. In addition, more employers are using bonuses, perks, and incentives to recruit and retain employees.
What is the purpose of disability and workers compensation?
The purpose of both workers' compensation and disability is to make sure that an injured or sick employee continues to get paid (usually a portion of their normal pay) until they are well enough to return to work.
What are the minimum standards for health insurance?
Under the Patient Protection and Affordable Care Act (Obamacare), minimum standards are set for health insurance companies regarding services and coverage. Most employers with 50 or more employees are required to offer healthcare plans or pay a fine.
What does medical insurance cover?
It covers things including hospital and doctor visits, surgeries, and prescriptions. Employers usually cover a portion of this premium. 2. Dental Insurance.
What is life insurance?
Life Insurance. A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. 11. Accidental Death & Dismemberment Insurance.
What is HRA in health insurance?
Health Reimbursement Account (HRA) Health Reimbursement Accounts (HRAs), sometimes called Health Reimbursement Arrangements, are group health plans funded by you, the employer, from which your employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year.
What is disability insurance?
Disability Insurance. Disability insurance pays a portion of an employee’s income if they can’t work for an extended period because of an illness or injury. There are two types of disability insurance you can offer: short-term and long-term.
What is a FSA account?
Flexible Spending Account (FSA) According to Healthcare.gov, a Flexible Spending Account (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs.