One of the most important and widespread trends in employee satisfaction recently has been an increased interest in the benefits employers provide for their staff. In fact, many recent studies including this one, show that employees today are just as if not more interested in a good benefits program, as they are concerned with the height of their salaries. This has translated into companies offering a great employee benefits plan, having the upper hand when it comes to both hiring and retaining top-tier talent. However, if you are a small business owner that is just getting started and cannot really afford to offer a sophisticated benefits package, it is important to know that there are still benefits that must be provided. There are legally required benefits that are considered mandatory for just about all businesses, ones that every company must offer to their staff according to federal regulations and laws. Mandatory benefits, also known as statutory benefits, are benefits that employer are required by law to provide to their employees. Examples include worker’s compensation insurance, unemployment insurance and, under some state and local laws, paid sick leave. What are the employee benefits legally required by law? These includes:
The employee benefits that are required by law, are typically benefits that are considered absolute necessities for ensuring the health and safety of employees. That is why these benefits are standard across all states and industries and are enforced by laws that were created by the U.S. Department of Labor, to ensure that all employers are giving their employees access to them. Of course, there are always exceptions and regulations that vary from state to state, which is why it is important for all employers to be sure that they are following the legal requirements for their specific location. However, generally speaking, the following are employee benefits that are usually mandatory, no matter where your business is located in the U.S. Therefore, these legally required benefits provide workers and their families with retirement income and medical care, that mitigate economic hardship, resulting from loss of work and disability, and it covers liabilities, resulting from workplace injuries and illnesses.
Non-mandated employee benefits not required by law, are at the discretion of the employer. These can include benefits, such as paid vacation time, contributions to retirement saving plans, education assistance, wellness programs, and childcare assistance. However, federal law still affects discretionary benefits such as vacation leave in many states, and employers must be aware and adhere to these laws (Dessler, G. 2016). In my own opinion, I suggest that part of student’s loan should be waived, or no interest should be charged on them. These particular problems have kept many students depressed, frustrated and they continue to pay the debt till lifetime. While benefits such as paid time off, health insurance, and 401(k) plans are highly sought-after, basic benefits can also be invaluable for employees. So, employers should ensure that your business, its meeting, and its obligations are to provide assistance and compensation by way of Social Security, Medicare, unemployment, and workers’ compensation insurance. As made plain by the information listed above, employees are entitled to a variety of benefits which employers are required to offer by law.
References:
Armstrong, Sharon, Mitchell., & Barbara. (2019). The Essential HR Handbook, Tenth Anniversary Edition.&n
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