Employee Benefits and Employment Insurance
Are you more confused than ever about administering benefits? If so, no wonder. Even a simple benefit plan can create a lot of paperwork and administrative hassles for a company. Worse, it’s becoming increasingly difficult for companies to compete in today’s job market without offering some sort of benefits program. Most workers today expect full employee benefits, and many believe they should receive benefits that are equivalent to those of government employee benefit programs. Even workers who meet minimum wages generally expect benefits similar to those provided by Wal-Mart’s employee benefits programs.
Like it or not, employee benefits have become mandatory for most employers. Not only does offering employee benefits help you compete, it can also be a great way to attract and retain qualified employees and encourage teamwork and morale within your organization.
If you are considering offering your employees an employee benefit program to remain competitive and retain qualified employees, it is important to understand the key components of an employee benefit plan and management.
So what are the minimum employee benefits you should be offering?
Take a look at the basics below.Medical benefits are viewed by most employees as a central part of employee benefit plans. Today, most employers offer a choice of HMO or PPO and cover around 80% of the premium for their employees and their dependents. You may also consider offering dental and eye protection.
Another important component of an employee benefit program is a savings program. By far the most popular plan of this type is the 401(k) savings plan. Remember, you can offer your employees a 401(k) without contributing the funds yourself. If you decide to make a generous contribution to your employee savings plan, consider setting a limit. For example, you could agree not to donate more than $1000 per year per employee. This is fairly common for most small businesses that offer this type of plan.
While health and savings benefits are at the heart of most employee benefit plans, it’s important to know that you can have flexibility when designing your employee benefit plan. Many employers today offer employee benefits in the most creative ways to satisfy the unique emerging interests of their employees. For example, many companies now offer on-site childcare, pet insurance, spousal benefits, and meal reimbursements for employees who typically work overtime.
Unemployment insurance protects you from bankruptcy if you lose your job!
If you live in Canada, you should consider employment insurance. Essentially, employment insurance is just a way for you to insure your future income. While you’re still working, you pay a premium—and it’s usually not that expensive. If you lose your job in the future, you can then apply for additional unemployment benefits –
Essentially, you insure your income for the future. This is a good idea if you feel you are at risk of losing your job.
Note, however, that you are not entitled to unemployment insurance benefits if you lose your job through your fault. However, if you lose your job due to layoffs or because there aren’t enough vacancies, or if your employer goes out of business, you may be eligible for assistance. You must also be off work for a full week and have worked enough in the past year to qualify.
How much money you get for your claim, how much your premium costs, and how many hours you have to work to qualify, these numbers vary from place to place. So if you want to know exactly what you need to do to qualify for unemployment insurance if you lose your job, you should contact a government agency and ask.
You can check where to apply or where the nearest office is. If you are unsure about applying for employment insurance online, you can go to the nearest office and apply there.If you’re worried about losing your job in the near future, you should start paying premiums for unemployment insurance. As long as you qualify for this insurance, you don’t have to worry too much if you lose your job.