The document discusses employee benefits and services. It outlines various types of benefits like supplemental pay, insurance, retirement benefits, and employee services. It notes that benefits can improve business by increasing loyalty, productivity, and recruitment. Pakistani law requires benefits like paid leave, maternity leave, sick leave, and death grants. Large companies offer robust benefits packages covering health, wellness, financial, and family support. Flexible work arrangements and employee services aim to enhance work-life balance. Overall, benefits are important for employee welfare and organizational productivity.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Fringe benefits is also known as employee benefits which is provided by the employer to employee additional to the wages, it might in monetary or non monetary terms.
Compensation Dimensions (Payment for Work and Performance, Payment for Non-working Days, Loss of Job Income Continuation Benefit, Disability Income Continuation Benefit, Deferred Income, Spouse/Family Income Continuation Benefit, Health, Accident and Liability Protection, Income Equivalent Payments)
Fringe benefits is also known as employee benefits which is provided by the employer to employee additional to the wages, it might in monetary or non monetary terms.
Desighning employee benefits and servicesamsalu123
When an organization design overall its compensation program, a critical areas of concern is what benefits to provide. Today’s workers expect more than just an hourly wage or a salary; they want additional considerations that will enrich their lives. These considerations in and employment setting are called employee benefits.
Employee benefits - compensation management - Manu Melwin Joymanumelwin
Employee benefits and benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries
What do you offer your employees to keep them satisfied? how do you compare to the market? what areas should you focus on to ensure you become and employer of choice?
Variable compensation how they have impact on organisation, retain employees, motivate employees and its advantages and disadvantages it has to when doing external comparison on the company
This presentation is good to business studies on student
Healthcare Reform: A Practical and Strategic Look at the ImpactSikich LLP
These slides cover the information below. You can also view the live recording of this video here:
https://vimeo.com/69172281
- What we know today about healthcare reform
- Healthcare reform's impact on payroll, HR, and benefits
- Notice of Exchanges
- Updated COBRA notice
- Employer mandates
- Wage and hour update
- Areas of focus for 2013 and beyond
There are many legal liabilities a benefit plan administrator can face if he or she does not properly handle their plan. Here are the most important things to remember as you are acting as teh
With the recent delay in the employer coverage mandate until 2015, employers should continue to plan their compliance strategy and remain vigilant as regulations continue to change. Hosted by Aon’s health and benefits expert, Richard Kaufman, this webinar will update employers on the ongoing changes and provide reminders of what remains, deadlines and other helpful information in understanding the complexities of the mandate.
Presented by Richard S. Kaufman, Aon Consulting VP, Health and Benefits
Compensation and Benefits
1. Preface (as one of the major functions of HR)
2. Definition
3. Reference with a reputed organization
4. Objectives
5. Challenges for an employer
6. Basic and Special benefit offerings
7. Ideal Compensation & Benefit Structure
8. Conclusion
Desighning employee benefits and servicesamsalu123
When an organization design overall its compensation program, a critical areas of concern is what benefits to provide. Today’s workers expect more than just an hourly wage or a salary; they want additional considerations that will enrich their lives. These considerations in and employment setting are called employee benefits.
Employee benefits - compensation management - Manu Melwin Joymanumelwin
Employee benefits and benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries
What do you offer your employees to keep them satisfied? how do you compare to the market? what areas should you focus on to ensure you become and employer of choice?
Variable compensation how they have impact on organisation, retain employees, motivate employees and its advantages and disadvantages it has to when doing external comparison on the company
This presentation is good to business studies on student
Healthcare Reform: A Practical and Strategic Look at the ImpactSikich LLP
These slides cover the information below. You can also view the live recording of this video here:
https://vimeo.com/69172281
- What we know today about healthcare reform
- Healthcare reform's impact on payroll, HR, and benefits
- Notice of Exchanges
- Updated COBRA notice
- Employer mandates
- Wage and hour update
- Areas of focus for 2013 and beyond
There are many legal liabilities a benefit plan administrator can face if he or she does not properly handle their plan. Here are the most important things to remember as you are acting as teh
With the recent delay in the employer coverage mandate until 2015, employers should continue to plan their compliance strategy and remain vigilant as regulations continue to change. Hosted by Aon’s health and benefits expert, Richard Kaufman, this webinar will update employers on the ongoing changes and provide reminders of what remains, deadlines and other helpful information in understanding the complexities of the mandate.
Presented by Richard S. Kaufman, Aon Consulting VP, Health and Benefits
Compensation and Benefits
1. Preface (as one of the major functions of HR)
2. Definition
3. Reference with a reputed organization
4. Objectives
5. Challenges for an employer
6. Basic and Special benefit offerings
7. Ideal Compensation & Benefit Structure
8. Conclusion
2. INTRODUCTION
Benefits
Indirect Financial and Non-Financial Payments
Employees Receive for Continuing their Employment
with the Company.
Types of Employee Benefit Plans
Supplemental Pay : Sick Leave and Vacation Pay
Insurance (medical and life )
Retirement
Employee Services : Child-Care Facilities
3. Why benefits and
services are important
• They can improve your business.
• Adding benefits can increase loyalty,
focus and productivity, attendance,
and recruiting.
• When you offer employee benefits,
your employees are more likely to be
loyal to your business.
• If employees are more confident about
personal matters before, during or
after work, they can better focus on
their tasks and career advancement.
4. LAWS FOR EMPLOYEE
BENEFITS IN PAKISTAN
Paid Leave (Factories
Act 1934)
Maternity Leave and
Maternity Protection
(6 Weeks Based on
1958 Maternity
Benefit Ordinance)
Casual & Sick Leaves
Death Grant
5. Paid Leave (Factories Act 1934)
• Under section 79 of this act if a worker working in a factory wants to claim
annual leave with wages the worker must have worked for a period of 240 days
or more in a calendar year
• He must submit leave 15 days earlier to the manager
Maternity Leave and Maternity Protection (6
Weeks Based on 1958 Maternity Benefit Ordinance)
• Every employed women is entitled to a maximum of 12 weeks fully paid
maternity leave
• Applicable to all organizations
• Public or private it is 90 days
6. Casual & Sick Leaves
Sick leaves
• In addition to 14 days paid annual leaves every employee is entitled 10 days casual leave with full
pay and a further 16 days of sick leave with 50% pay
• Require medical certificate
Casual leaves
• Granted upon certain situations such as sudden illness
Death Grant
• If a secured person dies while in receipt of sickness benefit,
injury benefit or medical care, his/her survivors are entitled to
a death grant equal to the daily rate of sickness benefit
multiplied by 30
• Should not be less than 1500 pkr.
• Can also be termed as funeral expenses
7. Which is more important, salary or benefits?
• They found that benefits offered by some companies won over
recruits, beating out higher paying offers from other companies.
What benefits you’re offering can matter more than salary.
Better benefits equal better recruitment
and retention
• In a recent survey of HR professionals, 68 percent agreed that
good benefits are key to improving morale and satisfaction and
more than three-quarters (75.4%) agreed that a good benefits
package helps to retain and recruit employees.
How do employee benefits provide a
competitive advantage to employers?
• about 60% of people report that benefits and perks are a major
factor in considering whether to accept a job offer. The survey also
found that 80% of employees would choose additional benefits over
a pay raise.
8. • Benefits if a person is unable to work through with no fault of his/her own.
• mainly in Developed Countries.
• Paid Vacations and Holidays, Vary by Employer
• Premium pay for work on holidays (extra hours)
Unemployment Insurance
Vacations + Holidays
• Due to illness
• Costs of misuse of sick leave (fake illness)
• Pooled paid leave plan : a committee watch the conditions
• Up to 12 Weeks of Unpaid Leave in an Year
• Employee must take unused paid leaves first
• Employee have the right to return to their job or equivalent position.
Sick Leave
Parental Leave
• One time Payment when Terminating an Employees Contract.
• Why is Severance Pay Granted?
• Act as a humanitarian gesture and good public relations
• 2 weeks prior quit notice before leaving
• Avoid litigations from former employees and current employes wont think it was fault of
employer after company’s downsizing.
Severance Pay
Supplemental
Unemployed Benefits
9. Insurance Benefits
Worker’s
Compensation
Medical
Benefits
PPOs provide
health
services to
Employees on
Reduced Fees
Wellness
Programs,
Disease
Management,
Onsite
Primary Care,
PPOs are part
of Cost Saving
Techniques.
New Trends in
Health Care
Cost Control
Include the
Use of
Defined
Contribution
HC Plans,
Outsourcing,
Reduce or
Eliminate
Retirement
Health Care
Plans etc.
10. Types of Pension Plans
• Contributory & Non-Contributory :
Employees Contribute to the Plan
and Vice Versa.
• Qualified & Non-Qualified Plans :
Meeting Favorable Tax Benefits for
Employers and Vice Versa.
• Defined Contribution :
Contributions of Employees
and Employers are specified;
Plan Payouts are not.
• Defined Benefit Plans :
Plan Payouts are Specified.
• Deferred Profit-Sharing Plans,
Employee Stock Ownership
Plans, Savings and Thrift
Plans.
11. Pension Alternatives
Early Retirement
Windows
Old Worker’s Benefit
Protection Act
Cash Balanced
Pension Plans
Key Policy Issues in
Pension Planning
Membership
Requirements
Benefit Formula
Plan Funding
Retirement Benefits
12. Benefits google offer to employees
• The Internet’s top search engine offers a particularly stunning benefit package.
Among other things, their best company benefits support:
• health and wellness
• financial wellbeing
• flexibility and time off
• family support and care
• community and personal development
• Google believes that health should be a priority. They offer their employees:
• onsite wellness centers
• second medical opinion for staff and their loves ones
• Employees can gain financial peace of mind through benefits like:
• student loan
• Reimbursement bonus and equity refresh opportunities
13. Employee services
Employee services are a subset of
employee benefits. Consider them
to be like perks of the job
Employee services are designed to
make the employee’s life easier
while working with the company.
14. PERSONAL SERVICES
Employee services can include anything an employer deems necessary to provide as a perk
for the employees. No real limit exists as to what can be included in employee services.
Employee services are more of a convenience than a true benefit for e.g Employee
assistance programs are created which includes mental health counselling, life event
planning etc.
Employee services encompasses recreation programs, community services, recognition
programs, event planning, child care/elder care services, convenience services and travel
offerings for example Nestle Pakistan offers transport facilities.
Companies and organizations provide product and service discounts to their employees. For example Telenor.
Another example includes Google offering free food to their employees. Other companies offer free massage
therapists. In Pakistan, many companies like Telenor offer professional support like job training etc.
15. Flexible Work Arrangements
FLEXTIME : THIS ALLOWS EMPLOYEES TO CHOOSE WHEN TO START AND
END THEIR WORKDAY, AND/OR HOW LONG TO TAKE THEIR BREAK FOR,
WITHIN AGREED LIMITS SET BY MANAGEMENT. IT'S ONE OF THE KEY WAYS
TO INCREASE WORK FLEXIBILITY AND ATTRACTIVENESS OF A WORKPLACE.
JOB SHARING : JOB SHARING ALLOWS TWO STAFF MEMBERS TO
SHARE THE RESPONSIBILITIES OF ONE FULL-TIME POSITION,
TYPICALLY WITH PRORATED SALARY AND PAID TIME OFF.
TELEWORK/WORKING REMOTELY/TELECOMMUTING : WITH LESS
WORKPLACE DISTRACTIONS AND NOT HAVING TO DEAL WITH
TRANSPORTATION, TELECOMMUTING AND REMOTE WORKERS CAN
BE MORE PRODUCTIVE.
16. Other Flexible Work Arrangements
Banking of Hours/ Annualized hours
Phased retirement/Gradual Retirement is a workplace arrangement
where employees gradually transition into retirement.
Alternating locations. Employees who work at your business might be
able to work from other locations as well.
Compressed work week
17. Conclusion
Employee Benefits are provided to the
employees for their overall welfare and
also, increase the
organization’s productivity.
Also, it keeps the employee attached to
work with the company for years
without any second thought of switching
it.
Those who find such benefits
meaningless and insignificant must be
provided with the option of switching
their employee benefits with some other
valuable benefits that can prove to be of
at least some help to them. This practice
will keep the employee motivated,
recognized, and appreciated by the
company.