Involuntary Benefits

Compensation and Benefits

    Involuntary Benefits

  • Social Security and Medicare

              Social security is designed where employer and worker contribute equal dollar amount each pay period. Social security also called as Old Age, Survivors and Disability Insurance Program (OASDI) which neither is nor referred to retirement income, survivor’s benefits and disability benefits.

              Medicare, 1965 provides hospital and medical insurance for elderly and people with disabilities which consists of

                   •  Hospital insurance

                   •  Medical insurance

                   •  Medicare offered through private health insurance companies

                   •  Prescription benefits

    Unemployment Insurance

              First federal unemployment insurance program states the responsibility for UI administration and distributes federal unemployment insurance funds to them. Unemployment insurance funded through employer taxes to help employees financially bridge time between positions.

    Workers' Compensation

              Workers compensation required employers to take entire responsibility for all employee injuries, illness and deaths related to employment. Nonsubscriber plans are the companies self-fund workers compensation programs, means they pay total costs of injuries or illnesses occurs instead of paying insurance premiums.

© 2015 by Learncertification All Rights Reserved. The certification names are the trademarks of their respective owners. Terms & Privacy Policy