osha also created awareness among employees certain health safety regulations B u s i n e s s F i n a n c e
R1
LO 1:
It is more beneficial for employees to have benefits like health insurance, a retirement account, and paid leave. The most important ones in my opinion. Health insurance especially in the world we live in today is a valuable benefit. Health insurance is something that is really hard to live without but also if you do not qualify for benefits from your employers it is very expensive to purchase it from the marketplace. Retirement benefits are equally as important because your employees are not going to be able to work forever, eventually they are not going to be able to work anymore and employees need to be able to live without a job when they get old and when their employer helps them put money aside or match their contributions up to a certain percentage it helps them grow the money they are going to need later on in their lives because social security is not going to be around forever.
For the most part, I think it would be most beneficial for the employer if they didn’t help pay for benefits for their employees. If you look at it strictly from the business side, a firm is in business to make money and providing benefits are just costing them. One benefit that I do think is beneficial for the employer to pay for the employees to take time off. It is proven that when employees take time off, say a week at a time, their employee have time to detach from their work and come back ready to work and are more productive.
LO 2:
The Social Security Act: protects workers against loss of earning from old age and unemployment, and disabilities.
COBRA Insurance: requires insurance be made available at the same pemium that the employer would pay if the employee were to lose their job.
Patient Protection and Affordable Care Act: Employers with 50 or more employees that work 30 or more hours per week will have to pay a penalty to the government if they do not offer health insurance. But those with 200 or more employees automatically enroll their full-time employees in health coverage.
FMLA: Eligible employees must be granted 12 weeks of unpaid leave in a 12 month period for the birth or adoption of a child, care for an immediate family member with a serious medical condition or serious health condition.
R2
To start this discussion off, I will be talkin about the reason organizations are concerned about the rising cost of employee benefits, and question their value towards the organization plus the employees. To start off, according to an article published, health care costs are projected to increase 6.5% this year, which means the costs to have employees working for a company are and will rise tremendously. It does not break down to just paying someone to work for a company, as there is a lot more than that. With having to consider background checks, insurance costs, healthcare, and more, it can add up faster than one may think. The reason these rates continue to rise, is because of the price of medical helps such as services or the costs of medications, continue to rise. One thing I have seen companies do to cut down on some of these costs is to consider what technology has to offer, as in the long run, money can be saved. I believe that healthcare and dental are some of the greatest values to employees as this cuts down on costs for services an employee may need to consider.
By law, employers are required to provide and offer specific benefits to employees. When researching this topic, I have come across Workers Compensation Insurance, Unemployment Insurance, Family and Medical Leave, and Disability Insurance. These are all things that are required legally to be provided to employees within a company. With job related medical injuries or illnesses happening, employers legally have to offer time off due to these things.
