Benefits and Services

Employee benefits and insurance includes all benefits and services, other than wages for time worked. It is provided to employees in whole or in part by their employers. Basically, there are four divisions of employee benefit, which are supplemental pay, insurance benefits, retirement benefits and executive services.

Supplemental pay refers to pay for time not worked. Some examples of supplemental pay that are common among us are sick leaves, parental leaves, vacation and holidays and severance pay. Insurance benefits refer to employees benefit for health insurance. It includes worker’s compensation such as hospitalization, disability and death insurance. Company will provide a list of health care service which can provide a reduce cost for health consultation to the employees. According to www.amcheck.com/employee-benefits, benefits also include medical, dental, disability, COBRA, section 529, 401(k) and IRAs, employee hotlines, employee assistance programs (EAP) and even more. Retirement benefits are referred to the benefits received for pension and early retirement. The examples of benefit are the social security, ERISA and PBCG. Last but not least is the Executive Service such as vacation and medical benefit. 

These benefits are attached with the policy issues in designing benefits packages. The policy is as follows.

Employees’ benefit gives advantages for both employers and employees where both sides meet a mutual benefit. The employers will be able to retain employees and the employees gain satisfaction in terms of physiological need, safety and security needs as well as the love and belonging need according to the Maslow’s Need model.