voluntary benefit


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  • Health Insurance Portability and Accountability Act of 1996
  • voluntary benefit

    1. 1. Presented by: Nishna Sathyan, K.M
    2. 2. Benefit offered by employer and paid by employee at lowerrate than if individually purchased
    3. 3. Insurance Portability and Accountability Act of 1996Any time not worked by an employee for which the regular rate, afixed or a prorated amount of pay, is accrued and paid to theemployee
    4. 4. • Vacation days• Holidays• Personal leave• Sick leave
    5. 5. Sick pay is time off from work that workers can use duringperiods of temporary illness to stay home and address theirhealth and safety needs without losing pay.
    6. 6. Well pay concept is the act of reinforcing employee for notbeing absent or sick
    7. 7. Providing opportunity for workers to take rest, becomerejuvenated and thus more productive
    8. 8. Social security is primarily a social insurance program providingsocial protection or protection against socially reorganizedconditions such as poverty, old age, unemployment, disability etc
    9. 9. Provide supplemental payment for employeeduring a period of unemployment
    10. 10. Health Insurance Portability and Accountability Act of 1996allows employees to switch their health insurance plans whenthey change employers and to get new health coverage with thenew company
    11. 11. • protects health insurance coverage for workers and their families when they change or lose their jobs
    12. 12. • Title II of HIPAA, known as the Administrative Simplification (AS) provisions, requires the establishment of national standards for electronic health care transactions and national identifiers for providers, health insurance plans, and employers
    13. 13. • Consolidated Omnibus Budget Reconciliation Act of 1985• Law passed by US congress• It gives the employee the ability to continue health insurance coverage after leaving employment
    14. 14. • An employee stock ownership plan (ESOP) is a defined contribution plan that provides a companys workers with an ownership interest in the company.• Under the ESOP, companies provide their employees with stock ownership, typically at no cost to the employees
    15. 15. Money is automatically deducted from employees paycheckthat goes into a fund for his retirement.
    16. 16. Employer Discretionary Contributions +Employee Salary Deferrals +Employer Matching Contributions +Investment Earnings (Losses) =Accumulated Retirement Funds
    17. 17. Some employers make contributions to 401(k) plansregardless of whether employees defer compensation to theplan
    18. 18. Employees may defer a percentage of their compensation
    19. 19. Participating in 401(k) Not Participating Gross Wages 60,000 60,000Employee Deferral 10% 6,000 0 Taxable Wages 54,000 60,000 Income Tax 8,100 9,000 Tax Savings 900
    20. 20. • Most employers match employee contributions to encourage participation in the 401(k) plan.• Employer matching contributions are based on how much the employee contributes to the plan.
    21. 21. Employee contribution Employer Contribution Total contribution per month to 401(k) Plan 50 25 75 100 50 150 200 100 300
    22. 22. “Give your employees more with voluntary benefits , And they’ll give your business more every day”
    23. 23. …. ….• Armstrong, M(2008) ‘Reward Management’, Kogan Page India Pvt Ltd, New Delhi.• http://wikipedia.org/