Professional Documents
Culture Documents
Definition
Employer-provided rewards and services, other than wages or salaries, arising from the following categories: Legally required social insurance payments, private insurance and retirements plans; payment for time not worked; extra cash payments other than bonuses based on performance; and costs of services. (Ivancevich & Konopaske)
Employee benefits as including benefits plans for employees that arise from the following categories of employer payment or cost: Legally required social insurance payments, payment for private insurance and retirement plans, payment for time not worked, extra cash payment to employees, cost of services to employee (T. Beam & McFadden, 1985)
Definition
Employee benefits are a part of almost every employees total compensation that is, all forms of financial returns and tangible services and benefits employee receive as part of an employment relationship (Rosenbloom, 2011)
Employee benefits are non-cash provisions within the pay and benefits package, although they have a financial value or cost for employers for example, paid holidays, pensions and company cars. (CIPD, 2013)
Definition
Employee benefits and services generally defined as in-kind (noncash) payment to employees for their membership or participation in the organization (Jackson, Schuler & Werner, 2009)
Employee benefits and services are indirect financial compensation provide for employee in the cost of employer as in returns of employee participation.
People come here for the benefits, and they stay for them. Turnover is very expensive, and our benefits keeps our rate down
(BRADLEY HONEYCUT, Director of Compensation and Benefits, Starbucks)
Unemployed Insurance
Workers Compensation
Social Security
Workers Compensation
Voluntary Benefits
Sick leave Family leave Maternity & parental leave Health insurance Life insurance Disability income replacement insurance
Compensation for
time of Paid holiday Paid vacation International vacation benefits Personal time off
Sick leave
Provides pay to an employee when he or she is out of work because of illness.
Costs for misuse of sick leave Pooled paid leave plans
Parental leave
The Family Medical Leave Act of 1993 (FMLA)
Up to 12 weeks of unpaid leave within a one-year period Employees must take unused paid leave first. Employees on leave retain their health benefits. Employees have the right to return to their job or equivalent position.
Health Care
Hospitalization, health, and disability insurance
Provide for loss of income protection and grouprate coverage of basic and major medical expenses for off-the-job accidents and illnesses.
Accidental death and dismemberment Disability insurance
Income in retirement
Retirement income from Saving & works Individual Retirement Accounts (IRAs) SEP (Simplified Employee Pension) IRAs 401(k) Plans
401(k) Plans Defined contribution plans based on section 401(k) of the Internal Revenue Code.
Plans are funded by pretax payroll deductions. Contributions are invested in mutual stock funds and bond funds.
Provide funds from which employees pay for expenses not covered by the regular benefit package.
We have to be willing to make the commitment to focus on different work and life opportunities for our workforce
(SHARON ALLEN, Board Chairman, Delloitte LLP)
3) Communicate Benefits
The cost is so small in comparison with the lift we get in employee morale
(JEFF WEISS, Senior Vice President of Benefits Programs, USAA)
SHELL
Care Benefits Medical: 1.Hospital Surgical Medical (HSM) Option 2. Alternate medical options may be available depending upon work location Details Nationwide medical coverage Prescription drug coverage available at nominal copays Health and Wellness education, resources and tools, including personal health coaches Free to choose any dental provider
Annual comprehensive eye exam, and either lenses/frames or contact lens allowance Eligible expenses include out of pocket medical, dental, and vision expenses
SHELL
Protection Benefits Disability Income Non-Occupational Disability Income Protection Insurance Details Company paid salary continuation based on your length of service (available after one year of service) Optional employee-paid program that provides income if your pay reduces or stops because of a non-occupational disability Life insurance benefit of 2 times base pay in the event of death Additional coverage Benefits in the event you are in an accident or death while at work Additional accident protection coverage
Survivor Income (Life Insurance) Company Survivor Benefit Group Life Insurance Company Occupational Accident and Business Travel Insurance Voluntary Personal Accident Insurance
Other Protection Plans Group Auto and Home Insurance Group Legal Plan
Insurance at a discounted group rate Prepaid legal assistance for personal matters
SHELL
Balance Benefits Alternative Work Schedules Flexible Work Schedules FlexTime Policies Teleworking Dependent Care Reduced Workweek Flexible start/finish times Work from home either on a regular basis or as needed Reduced hour workweeks to care for dependents for a period of up to 6 months
Time Away From Work Holidays Vacation Vacation Purchase (Regular Part -Time Employees are not eligible)
Work And Family Programs Adoption Assistance Backup Care Employee Assistance Program Employee Clubs Wellness Reimbursement
Up to 10 paid holidays per year Allowing added flexibility for your vacation time
Provides temporary emergency care for employees dependents and their elders Employee will have up to 80 hours of subsidized care available each year Participation in approved fitness and nutritional activities
SHELL
Learning Benefits Development and Learning Company-provided Training Educational Reimbursement Details Access to thousands of high-quality learning solutions on SkillSoft Reimbursement of tuition, registration, lab, books, and other required fees for approved work-related courses Active Employees and Retired Employees
SHELL
Wealth Benefit Shell Pension Plan Alternate Pension Formula (APF) Savings Plan Pre-Tax Employee Contributions After Tax Employee Contribution Employer Contribution Employee Share Purchase Plan Details You will be 100% vested in your pension after 3 years of service Shell will contribute a percentage of your compensation based on your years of service Purchase shares of Company stock at a 15% discount.
PriceWaterhouseCoopers (PWC)
Benefit Holiday Vacation time Details Ten paid holidays each year Full-time staff (other than management level) accrue 15 workdays per year; after two years of service, full time staff accrue 22 workdays per year Flexibility to access both network and non-network doctors and facilities Prescription drug benefits and physical exams are available Vision care coverage- eyeglasses and lenses Dental plan covers services ranging from diagnostic $2,500 per year tax free to the health care account and up to $5,000 per year tax free to the dependent care account Continue receiving your full salary when absent from work for five or fewer consecutive days due to reason absent Educational materials and pre/post-birth counseling
Health care and dependent care flexible spending accounts Family and personal sick days Nursing Moms' Program
PriceWaterhouseCoopers (PWC)
Benefits Parental leave of absence Details Eligible primary care parents with three months of service can use six weeks of paid parental leave (or eight weeks for multiple birth/adoption) Related travel aid service assists staff who are traveling internationally on firm business or who are living and working overseas. Access to backup childcare centers is available in various cities throughout the country. Offers financial incentives for engaging in a wide range of healthy and responsible behaviors and activities The Educational Support Plan
PriceWaterhouseCoopers (PWC)
Benefits Life and accident insurance Details Accidental Death and Dismemberment (AD&D) Insurance May purchase Supplemental Life Insurance for yourself Help to finance Purchase group auto, home, boat, renters, condo, motorcycle, motor home insurance
Eligible date of hire Receive STD benefits equivalent to 60% to 100% of your salary
The End