In: Operations Management
Use two textbook companies today and give MANY examples of the companys' benefits listed below:
Legally required benefits
Legally required benefits signify the benefits which most employers
should be paid to keep in accordance with the federal laws of the
USA. These benefits are exempted from security taxes. Examples of
legally required benefits are as follows:
• Unemployment insurance: Employees are eligible to claim
unemployment insurance from the company if they are thrown out
without any valid reason. Employees should apply it within 26
weeks
• Workers compensation insurance: It is financial assistance for
injured workers. The organization is liable to compensate a worker
if a worker gets injured or falls ill in the workplace.
• Family and medical leave: This opportunity allows employees to
avail additional benefits for the family. The organization is bound
to allow job-protected leave for employees for any medical
purpose.
Retirement related benefits
It highlights the benefits a person can avail from his previous
organization after retirement. Examples of retirement benefits are
as follows:
• Pension benefits
• Health insurance benefits from a previous organization
• Availing tax-free lump-sum
• Getting support for dependants
Insurance-related benefits
Insurance is a legal agreement between the insurance company or an
individual. Insurance offers benefits to individuals in case of any
loss, damage or any contingency. Examples of insurance benefits are
described below
• Healthcare support and Mediclaim for both individual and his
family
• Education support through various easy loans
• Home insurance benefit via low-interest loans
Other benefits
Other types of benefits a company provides are as follows:
• Disability care benefit
• Employee assistance benefit
• Pet insurance benefits