Employee Benefits Services

7/23/2019 Employee Benefits Services

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EMPLOYEE BENEFITSEMPLOYEE BENEFITS

& SERVICES& SERVICES


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Indirect compensation.Indirect compensation.

Extended as condition ofExtended as condition of

employment.employment.Not related to performance.Not related to performance.


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Diff. betn Benefit & ServiceDiff. betn Benefit & Service

Benefit applies to those items for which aBenefit applies to those items for which adirect monetary value can be ascertained.direct monetary value can be ascertained.

Service applies to those items for whichService applies to those items for whichdirect monetary value cannot bedirect monetary value cannot beascertainedascertained..


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OBJECTIVESOBJECTIVES

Increase commitment towards organisation.Increase commitment towards organisation.

To attract & retain people.To attract & retain people.

To provide a taxefficient method ofTo provide a taxefficient method ofremuneration.remuneration.

and!.and!.

T" #"TI$%TE E#'"(EES))))T" #"TI$%TE E#'"(EES))))


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BENEFITS NEED ANALYSISBENEFITS NEED ANALYSIS *ow much total compensation+ including benefits +*ow much total compensation+ including benefits +

should be provided)should be provided) ,hat part should benefits comprise of the total,hat part should benefits comprise of the total

compensation of individuals)compensation of individuals)

,hat expense levels are acceptable for each benefit,hat expense levels are acceptable for each benefit

offered)offered)

,hich employees should be given or offered which,hich employees should be given or offered which

benefits)benefits)

,hat is being received by the organisation in return,hat is being received by the organisation in returnfor each benefit)for each benefit)

*ow flexible should the pac-age of benefits be)*ow flexible should the pac-age of benefits be)


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BENEFITS COMMUNICATIONBENEFITS COMMUNICATION

,ithin / days after employment.,ithin / days after employment. ersonal benefits boo-let0manual 1 oralersonal benefits boo-let0manual 1 oral

presentation.presentation.

Every year emp. 2eceive a benefits statementsEvery year emp. 2eceive a benefits statementsof his account.of his account.

3ontinuing notices of provided benefits &3ontinuing notices of provided benefits &

services & topics of interest appear in all -indsservices & topics of interest appear in all -indsof organisational communication devices.of organisational communication devices.


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EMPLOYEE BENEFITSEMPLOYEE BENEFITS

4isability Income 3ontinuation4isability Income 3ontinuation 'ossof5ob income continuation'ossof5ob income continuation

4eferred income4eferred income

Spouse or family income conti.Spouse or family income conti. *ealth & accident protection*ealth & accident protection

roperty & liability protectionroperty & liability protection

er6uisiteser6uisites


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Per!i"ite"Per!i"ite"

Benefits & Services restricted to the 3E" andBenefits & Services restricted to the 3E" and

small group of -ey officials who comprise thesmall group of -ey officials who comprise the

senior managementsenior management

In addition to the status relationship+In addition to the status relationship+

per6uisites provide benefits that are either notper6uisites provide benefits that are either not

considered as earned income or are taxed at aconsidered as earned income or are taxed at a

modest level.modest level.


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P#$ f%r tie n%t '%r(e)P#$ f%r tie n%t '%r(e)

*olidays*olidays

,itness in court,itness in court

3ivic 4uty3ivic 4uty 'eave'eave Sic- leave+ personal leave+Sic- leave+ personal leave+

maternity0paternity leave+ sabbatical leavematernity0paternity leave+ sabbatical leave

Time off to voteTime off to vote Blood donationBlood donation


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Di"#bi*it$ Inc%e C%ntin!#ti%nDi"#bi*it$ Inc%e C%ntin!#ti%n

Shortterm 4isability 7 89 wee-s: ideally ;Shortterm 4isability 7 89 wee-s: ideally ;days waiting period:


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L%"" %f J%b Inc%e C%ntin!#ti%nL%"" %f J%b Inc%e C%ntin!#ti%n

To assist wor-ers during shortterm periodsTo assist wor-ers during shortterm periodsof unemployment.of unemployment.

#a5or 3omponents 7#a5or 3omponents 7

?.?. @nemployment insurance 7


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C.C. Individual %ccount lan 7 Dund: payment toIndividual %ccount lan 7 Dund: payment to

emp when wor- suspension occurs other thanemp when wor- suspension occurs other than

disciplinary layoffs or labour disputesdisciplinary layoffs or labour disputes


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Deferre) Inc%eDeferre) Inc%e

Social securitySocial security ension planension plan

Stoc- 7 bonus planStoc- 7 bonus plan

rofitsharing planrofitsharing plan Supplemental Executive retirement plansSupplemental Executive retirement plans

roup universal life plansroup universal life plans


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S+%!"e %r f#i*$ inc%e +r%tecti%nS+%!"e %r f#i*$ inc%e +r%tecti%n

'ife insurance'ife insurance

2etirement plans2etirement plans

*ealthcare coverage*ealthcare coverage Travel accident insuranceTravel accident insurance

Social security & medicareSocial security & medicare

%ccidental death%ccidental death Tax sheltered annuityTax sheltered annuity


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,e#*t- & Li#bi*it$ +r%tecti%n,e#*t- & Li#bi*it$ +r%tecti%n

reemployment physical testreemployment physical test

eriodic physical examinationeriodic physical examination

Second surgical opinionsSecond surgical opinions remiumremium


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Pr%+ert$ & Li#bi*it$ Pr%tecti%nPr%+ert$ & Li#bi*it$ Pr%tecti%n

roup %utoroup %uto

roup *ome payment of premium throughroup *ome payment of premium through

payroll deduction.payroll deduction.

roup 'egal legal advice: legal insuranceroup 'egal legal advice: legal insurance

planplan

roup @mbrellaroup @mbrella Employee 'iability InsuranceEmployee 'iability Insurance

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Employee Benefits Services