By Mustajab

Zahra

Topic

Unemployment & Worker Compensation

18-3

Unemployment Insurance compensation

The federal and state governments provide unemployment insurance Part of original social security act because Programs

pay weekly cash benefits to workers who are involuntary unemployed

Cash benefits are paid during periods of short-term involuntary unemployment

Applicants are encouraged through local employment offices to seek out employment

Unemployment benefits help stabilize the economy

Unemployment Compensation (Cont.)

Individual receives compensation for up to 26 weeks

Provide compensation until job is found Provides employees With some income

carry-over during periods of involuntary unemployment

( Social Securities)

Legally Required Benefits

Workers’ Compensation paid for by the

organization rates based on likelihood

of accidents, past history, and the type of industry

benefits pay expenses and/or compensate for losses resulting from work-related accidents or illness, regardless of fault

Worker’s Compensation

Expenses resulting from job-related accidents or illnesses

Program paid for by employers

Encouragement for proper health and Safety programs

Traditional Health Insurance

• Health care• Travel insurance • Health Maintenance Organization Act of

1973 (HMOs) • Preferred Provide Organization (PPOs)• Employer _ Operated Converges• Health Insurance Continuation act Of

1996

(COBR ACT )… a/f 3 year

Discretionary Benefits (Voluntary)

• Payment for time not worked• Life Insurance• Retirement plans• Employee services• Part-time employee benefits• Family and Medical Leave Act of 1993

(FMLA)

Payment for Time Not Worked“PTO”

Disability Insurance Programs

Paid vacations Sick pay Survivor Benefits Sabbaticals Jury duty

Life Insurance

Group life insurance commonly provided benefit to protect employee’s family in event of death

Life Insurance help out the family After the death of the person

Retirement Plans

Vesting Right Benefits plans Money Purchase

Pension Plan contribution plan Profit _sharing plan

Employee Services

Relocation Child care Educational assistance Food service Parking facilities Legal services

Disability Protection

Provides monthly benefit to employees who, due to illness or injury, are unable to work for an extended period

References

BUS 200 Introduction to Risk Management Insurance Book by Jin Park

Book Principle of Risk Management & Insurance By George E.Rejda

Book Human resource Management By Stephen.b.Rubben

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