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TEXT 23

 

BENEFITS

 

Among the fastest-rising (a) ______ in organizations are those associated with benefits for employees. In the 1940s, benefits accounted for approximately 5 percent of the compensation given to employees. By 1990, the cost of benefits was (b) ______ 40 percent of compensation. Although benefits vary among organizations, the (c) ______ categories are mandatory protection programs, pay for time not worked, optional protection programs, and private retirement plans[8].

 

Mandatory Protection Programs. Mandatory protection programs are those (c) ______ by federal law. For many employers, Social Security is the most (d) ______ benefit. In 1994, employee and employer each (e) ______ 7.65 percent of each employee’s earnings. Of this percentage, 1.45 percent goes toward Medicare[9], and 6.20 percent to old-age survivors and (f) ______. The 6.20 percent applies to the first $60.600 of earned income, and the 1.45 percent to all (g) ______ income. A related benefit is unemployment compensation, which is funded by employers through a tax on a portion of the (h) ______ compensation of a company’s employees. A third mandatory benefit is workers’ compensation, which provides prompt benefits for workers who are injured on the job regardless of (i) ______.

 

Pay for Time Not Worked. This benefit includes pay given employees for holidays, vacation, sick leave, and personal leave. This can total up to 45 days (j) ______ year, depending on the organization’s policies.

 

Optional Protection Programs. Optional protection plans are benefits not mandated by (k) ______ but offered to make the organization competitive in the labor[10] market. A major programme is health insurance. The features of such programs (l) ______ widely among employers, such as the amount paid by the employee, the limits of coverage, and the extent of inclusion of dental services and mental health care. Additionally, companies may elect to offer benefits such as stock-ownership and other profit-sharing plans, exercise programs, educational assistance, child care, and (m) ______ for drug or alcohol abuse.

Private Retirement Plans. In most cases, employees and employers share the cost of funding pension plans. In (n) ______ exceptions, the employer bears the total cost. There are two major types of pension plans: Under the defined benefit plan, the retirement payment depends on a formula that includes (o) ______ of service and average income. Under the defined contribution plan, regular contributions are made to an (p) ______ fund.

 


Date: 2015-01-02; view: 815


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