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Management of employee benefits includes compliance with numerous federal and state laws and regulations. Sanctions and penalties noncompliance can be severe. for
Cont
FEDERAL REGULATIONS
1. IRC 2. Title VII of the Civil Rights Act of 1964. 3. Age Discrimination in Employment Act of 1967 (ADEA) 4. The Employee Retirement Income Security Act of 1974 (ERISA).
Refers to tax laws passed by Congress and administered by the IRS. Early statute pension plans. governing private
Employers can never legally base benefits decisions on race, color, religion, sex, or national origin
If an employer provides benefits to its employees, it generally must do so without regard to an employees age. ADEA does permit employers to provide different benefits to older employees only under certain circumstances.
The Employee Retirement Income Security Act of 1974 (ERISA). ERISA establishes minimum standards for pension plans in private sector ERISA establishes minimum standards to provide protection for participants and beneficiaries in employee benefits plans (participant rights). Among other things, ERISA standards cover access to plan information and fiduciary responsibility. ERISA covers most private sector health and pension plans but does not apply to public-sector benefits.
Equal Employment Opportunity Commission. Department of Labor. Securities and Exchange Commission. Pension Benefit Guaranty Corporation.
EQUAL EMPLOYMENT OPPORTUNITY COMMISSION (EEOC) Established by Title VII of the Civil Rights Act of 1964, the EEOC began operating on July 2, 1965. It enforces the following federal statutes Title VII of the Civil Rights Act of 1964. The Age Discrimination in Employment Act of 1967 (ADEA). The Equal Pay Act of 1963 (EPA). Title I and Title V of the Americans with Disabilities Act of 1990 (ADA).
occupational safety,
Wage and hour standards Unemployment insurance benefits Re-employment services And some economic statistics DOL is to foster , promote and develop the welfare of the wage earners, job seekers and retirees of US.
The SEC is responsible for ensuring that employees as investors receive financial and other significant information concerning securities being offered for public sale.
The PBGC, an agency under the EBSA, guarantees vested defined benefit pensions up to a maximum amount established annually. Provide timely and uninterrupted payment of pension benefits.
STATUTORY BENEFITS
SOCIAL SECURITY Different countries define social security systems differently, According to ILO (International Labor Organization); Social security refers to the protection society provides through a series of public measures against economic and social distress, especially in case of illness, maternity, employment injury, unemployment, old age and death.
Cont Social security is provided through public or collective arrangements. Social security is not concerned exclusively with cash benefits but also with basic needs (medical care, housing, education, nutrition etc).
SOCIAL SECURITY
The Social Security system has four distinct types of benefits: OAretirement income in old age. Ssurvivor income. Ddisability income. HIhealth insurance benefits (Medicare).
Most of the countries have systems to provide pensions on retirement in old age, which may be sponsored by employers and/or the state.
SURVIVOR INCOME
If a worker covered by Social Security dies, a surviving spouse can receive survivors' benefits.
Health insurance is insurance against the risk of incurring medical expenses among individuals. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.
Social Security is a social insurance program that is primarily funded through dedicated payroll taxes called Federal Insurance Contributions Act tax (FICA).
Cont Federal Insurance Contributions Act (FICA) taxes are the taxes for Social Security. Employers and employees equally share the tax.
WORKERS COMPENSATION
A form of insurance that provides wage replacement and medical benefits for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.
UNEMPLOYMENT Unemployment benefits are payments made by the state or other authorized bodies to unemployed people. Depending on the jurisdiction and the status of the person.
NOTE:
Unemployment compensation provides income (for a period of time) to an employee who loses employment and is willing and able to work.
NO OCCUPATIONAL DISABILITY
The benefit provides temporary or short-term income due to a no occupational incident resulting in a disability.
Coverage ? Old-age, invalidity and survivors Employment Injury Sickness and Health-care Unemployment benefits Family benefits Some Some Some None None
SOCIAL SECURITY LEGISLATION IN PAKISTAN The Workmen s compensation Act,1923. The Provincial Employees Social Security Ordinance, 1965 . The West Pakistan Industrial and Commercial Employment Ordinance, 1968. The Sindh Maternity Benefit Act, 1929. The Punjab Maternity benefit Act, 1943. The West Pakistan Maternity Benefit Ordinance, 1958. Workers Shares in Companies profits, 1968. Workers Welfare Fund, 1969. Workers Children Education Scheme, 1972. The Employees Old- -Age Benefits Act, (EOBI) 1976.