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Employee Benefits
Employee benefits consist of a large number of diverse organizational rewards. This diversity makes it difficult to categorize and discuss the characteristics of benefits in general, since each one needs to be dealt with independently. In fact, benefits administration has become a specialized function within organizations that requires specific training and experience.
Type of Benefit
- Legally required payments (employer’s share only)
- Old Age, survivors, disability, and health insurance (FICA taxes)
- Unemployment compensation
- Workers Compensation (including estimated cost of self-insured
- Railroad retirement tax, railroad unemployment and cash sickness insurance, state sickness benefits insurance, etc.
- Retirement plan, insurance, and other agreed-upon payments (employer’s share only)
- Retirement plan premiums and retirement plan payments not covered by insurance-type plan (net)
- Life insurance premiums; death benefits, hospital, surgical, medical, and major medical insurance premiums, vision, dental, etc. (net)
- Salary continuation or long term disability
- Dental Insurance Premiums
- Discounts on goods and services purchased from company by employees
- Employee meals furnished by company
- Miscellaneous payments (compensation payments in excess of legal requirements, separation or termination pay allowances, moving expenses, etc.
- Paid rest periods, lunch periods, wash-up time, travel time, clothes-change time, get-ready time, etc
- Payments for time not worked
- Paid vacations and payments in lieu of vacation
- Payments for holidays not worked
- Paid sick leave
- Payments for National Guard (or army or other reserve duty); jury, witness, and voting pay allowances; payments for time lost due to death in family or other personal reasons, etc.
- Other items
- Profit-sharing payments
- Contributions to employee thrift plans
- Christmas or other special bonuses, service awards, suggestion awards, etc.
- Employee education expenditures (tuition refunds, etc.)
- Special wage payments ordered by courts, payments to union stewards, etc.
- Employee assistance programs (drug recovery, alcohol, etc.)
- Gain sharing
Source: Reprinted from Employee Benefits 1984, Copyright 1986 by The Chamber of Commerce of the United States of America. Used by permission of the publisher.
The U.S. Department of Labor
