Question

Describe the three benefits that are required by law. Illustrate each benefit Unemployment insurance, Social Security, and workers’ compensation are three costly and important government-required benefits. State the method of unemployment insurance among the union and shoe their benefits. Give the benefits of the Social Security to the retired people. Show workers’ compensation are profitable to protect employees and their families against their losses. (A minimum of 300 words is required for this essay).

Answer 1

Let us begin with unemployment insurance. It refers to the government required benefit, under which the unemployed worker is paid certain amount as compensation. This type of compensation/ insurance is paid only when the employee is unemployed not because of his misconduct or fault, but due to certain uncontrollable factors such as layoff, retrenchment etc. Among union, the unemployment insurance is paid to all the member of the union if they have been fired from the job due to certain uncontrollable reasons.

The major benefits attached with it are as follows:

• The union members feel a part of the union and feel being valued.
• The members become more loyal towards the union and work for its welfare.
• It supports the employee during his hard phase and let him cope- up with the situation.
• More employees are attracted towards the union and as a result the membership increases.

Further, let us discuss social security concept. It refers to the amount paid to people falling under different segments of the society for their welfare and benefit is the long run. It is paid to the retired workers and their families, the survivors of diseased workers, widows, disabled workers and their families.

The major benefits of social security to retired people are:

• The retired people will feel financially independent even after their retirement and will not have to depend on anyone.
• The retired people can easily take care of their health and medicines from the amount received as pension.
• The self confidence of the person receiving the amount will increase and will remain intact even after the retirement.
• He need not ask for money from his children and face any kind of shame or hesitation while doing so.

Lastly, worker's compensation refers to the amount paid to the employees, by their employers on account of any kind of physical loss caused while performing tasks at the workplace. Loss can be any kind of injury such as limb fracture, vision loss, hearing loss, or in the worst case detachment of limb from the body.

Worker's compensation is considered as a protection to employees and their families from losses in the following ways:

• Financial help is extended to the employees suffering from any kind of loss, so that they can run their basic family affairs.
• Regular amount of money, either half of the salary or a pre decided amount, is offered to the employee which makes him feel relaxed and hence focus on recovering quickly.
• Regular income will help the employee and his family cope- up from mental trauma and recover fast and rejoin the workplace soon.
• If the company will pay worker's compensation to the injured employees, then it will reflect the concern and value which the company shows for its employees, hence increasing its goodwill in the market.