benifits paper

Submitted By sunshinebaby516
Words: 702
Pages: 3

Many companies have the opportunities to develop their own benefit plans. Some benefits are federally required such as ‘’ Social Security, Workers Compensation and Disability Insurance and employers are required to provide leave under the Family and Medical Leave Act (FMLA). (Social Security) The majorities of common leave benefits is offered by employers but are required by federal law, and is offered to employees as part of the employer's overall compensation and benefits plan.
Social Security is largely a pay-as-you-go program. This means that today's workers’ pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries. As a pay-as-you-go system, Social Security differs from company pensions, which are “pre-funded.” In pre-funded retirement programs, the money is accumulated in advance so that it will be available to be paid out to today's workers when they retire. The private plans need to be funded in advance to protect employees in case the company enters bankruptcy or goes out of business.( Social Security). This is also the program that many fear will not be around for much longer because (Social Security).
Workers compensation often pays employees compensation for time they are unavailable to work because of an injury on the job typically last a few months to allow the injury to heal. Social Security Disability Insurance pays benefits certain members if you paid Social Security taxes for a duration of a few years and cant work or preform duties necessary (National Academy of Social Insurance) . Although they are not required benefits it is very important to offer such as holiday or vacation, jury duty, personal leave, sick leave and funeral/bereavement leave.
Everyone can need a day off weather it is for leisure or necessity personal and vacation time are seen in almost every plan. The ability to use time accrued as hours you would be working allows for employees to be compensated for their hours of work despite that they have actually taken the day off work.
Jury duty can be a great civil duty however, it can be a tedious process sometimes lasting a while but as long as an employer is willing to give jury duty pay then you have the opportunity to serve on a jury while still being compensated at work. Sick time is a great opportunity to receive compensation without actually working. Some people abuse the opportunity of sick time as they are not really sick but rather just have the time off but the intention for sick pay is the ability that if you are ill and cant preform your duties as well as you could if you are healthy you can see a doctor and get better so that you can perform your job to