...History The U.S. Social Security program is designed to aid residents in need through welfare subsidies. The programs are provided by organizations on federal, state, local, and private levels; and help to provide eligible residents with food, shelter, healthcare, education and money. Aid is provided through financial aid for college education, unemployment disability insurance, food stamps, pensions for eligible low-wage workers, subsidies for housing, and health insurance programs for public employees (Feldstein, 2005; Krugman, 2007). President Franklin D. Roosevelt enacted the Social Security Act on August 14, 1935 as a means to battle the Great Depression of the 1930’s. Beginning in 1932, the government had started providing loans and grants to States to pay for direct relief and work relief, since States, local communities, and private charities did not have the financial resources to cope with the growing needs of the American people. Then in 1935, when the Social Security Act was created, two social insurance programs were established on a national level for the American people. One of these Federal systems provided benefits for the elderly and retired workers who had been employed in industry or commerce. The second was a Federal-State system that would provide insurance to the unemployed (Historical Development, n.d.). Since its conception, the Social Security Administration has grown and developed programs shaped by America’s changing economic and social conditions...
Words: 987 - Pages: 4
...Group Name: The Corporate (A) SL. No. | Name | ID No. | 01 | Md. Saiful Islam | 104821 | 02 | Lenin Azad Polash | 104831 | 03 | Md. Whahiduzzaman Robin | 104865 | 04 | Rafiul Islam Chowdhury | 104965 | 05 | Md. Nazmul Hasan | 105043 | Letter of Transmission April 28, 2013 Md. Mosharraf Hossain Chairman Department of management studies Jagannath University, Dhaka. Sub: Submission of Assignment in “Employee Benefits of Walton (company)”. Dear Sir, We are very happy that we have been able to submit the assignment you have assigned to us. The assignment was to prepare the “Employee Benefits of Walton (company)” on the course named “Human Resource Management” as part of our academic activities. For the purpose of preparing the assignment we had to have an in-depth knowledge on Employee Benefits and the company Walton as well. This was the first ever opportunity for us to gain proper understanding to Employee Benefits and working on it over a company ever as such practical knowledge. Thank you for giving us the opportunity to learn the real life practice & increase the knowledge on Employee Benefit on the course “Human Resource Management”. Sincerely Yours Group Name : The Corporate (A) Section : A Department of Management Studies Jagannath University, Dhaka Table of Content Title | Subtitle | Page | Introduction | | vi | Background | Background of Bangladesh Small and Cottage Industry | vii | Definition | Definition of SME given...
Words: 9714 - Pages: 39
...Finance 4510 Exam Two Directions: Pick 10 questions and do a very good job of answering the questions. Essay Questions, not short answer. Reference each question, where you found your answers. Run a spell and grammar check. Discuss the uses of Life Insurance and explain how you would determine how much life insurance a family would need. Discuss the use of Disability Income Insurance and explain how you would determine how much disability insurance an individual would need. Name a category of individuals who might benefit from Disability Income Insurance. Explain why this category might need Disability Insurance. Discuss the use of Property and Causality Insurance and how this is used by a family or individual. Property and casualty insurance is insurance that protects against property losses to one’s business, home or car and against legal liability that may result from injury or damage to the property of others. This type of insurance can protect a person or a business with an interest in the insured physical property against losses. Auto Insurance policies typically cover you and your spouse, relatives who live in your home and other licensed drivers to whom you give permission to drive your car. The policy provides coverage for both bodily injury and property damage liability as well as physical damage to your vehicle. Auto insurance typically covers personal injury, medical payments, uninsured motorist, underinsured motorist, auto rental, emergency road assistance...
Words: 2750 - Pages: 11
...(for employees and eligible children of employees), Life Insurance (basic and supplemental life and AD&D insurance, and life insurance for dependents), Disability Insurance (short- and long-term disability and workers' compensation), Lifestyle Support (such as child care, EAP, transportation, banking, paid time off, and other benefits). In our research paper we will explore how some of these benefits affect the social, political and ethical areas of Great Britain and Australia. Life Insurance Human resource is a very difficult subject. It has so many different aspects to cover. The manual for human resource is so long but every area is important and has to be covered. Benefits are what every employee looks forward when looking for a job, though I believe many applicants don’t ask the question about life insurance. Life insurance is a touchy subject but I believe that every person should be insured for themselves and their loved ones. Not being covered whether it’s with or without your companies can leave financial hardship on your loved ones when you’re gone. Group life insurance exists just about everywhere. It’s a single policy that allows many members of an organization or employment group to purchase a life insurance policy with competitive wholesale premiums rates, offering minimal or no medical underwriting along with simple administration provided by a broker. The main benefit of group life insurance is to cover the lives...
Words: 3842 - Pages: 16
...means, or stored in a retrieval system, without the prior written permission of EIM. EIM does not accept responsibility for printing errors and/or other imperfections. Contents 1 Theoretical framework 7 1.1 Introduction 7 1.2 The transition process: Heuristical tool 8 1.3 Differences between start-ups: Dependent employee versus other types 10 1.4 Demarcation 11 1.5 Contents of the report 12 2 Entrepreneurship in the EU 15 2.1 Facts and figures 15 2.2 Entrepreneurs in the EU 20 2.3 Previous experience of starting entrepreneurs in the EU 24 3 Synthesis 31 3.1 Introduction 31 3.2 Legal definition of self-employed 31 3.3 General requirements related to start-ups 33 3.4 Financing the start-up of a business 34 3.5 Insolvency and seizure procedures 35 3.6 Social security systems in general 35 3.7 Social security: Unemployment 36 3.8 Social security: Sickness 39 3.9 Social security: Disability 40 3.10 Social security: Medical costs 40 3.11 Social security: Old age 41 3.12 Social security: Pregnancy and child care 42 3.13 Taxation 43 3.14 Labour Law 44 3.15 Private labour contracts 44 3.16 Miscellaneous topics 45 3.17 Hiving-offs 46 4 View of the obstacles in each Member State 49 4.1 Belgium 49 4.2 Denmark 51 4.3 Germany 52 4.4 Greece 53 4.5 Spain 54 4.6 France 55 4.7 Ireland...
Words: 106246 - Pages: 425
...Chapter 9 health and disability insurance |CHAPTER OVERVIEW | Planning a health insurance program needs careful study because the protection should be shaped to the needs of the individual or the family. However, the task is simplified for many families because a foundation for their coverage is already provided by group health insurance at work. We begin the chapter by recognizing the importance of health insurance in financial planning and define health insurance. Then we analyze the benefits and limitations of the various types of health insurance coverage. Private and governmental sources of health insurance and health care are presented next, with a complete coverage of health maintenance organizations (HMOs). Then, we discuss the importance of disability insurance in financial planning and identify its resources. Finally, we explore why the costs of health insurance and health care have been increasing and what is being done to curtail them. |LEARNING OBJECTIVES |CHAPTER SUMMARY | After studying this chapter, students will be able to: |Obj. 1 |Recognize the importance of health |Health insurance is protection that provides payments of benefits for a covered sickness | | |insurance in financial planning. |or injury. Health insurance should be a part of your overall insurance program to | |...
Words: 8147 - Pages: 33
...in countless companies. Benefits are generally membership-based rewards which are desirable to employees and which can be designed to meet the diverse needs of today’s workers. The costs and complexities of both legally required benefits and voluntary ones, such as health insurance, retirement plans and time off are presented, as well as current issues, including flexibility of benefits choices and availability of benefits for families, domestic partners and retirees. Effective benefits administration allows companies to attract and retain good workers by creatively and cost-effectively offering employees more than just their paycheck. Additional Features of This Chapter: Exhibit 12-1 is a listing of the major benefits typically offered and the percentage of employees participating. Exhibits 12-2 and 12-3 provide sample Health Maintenance Organization and Preferred Provider Organization coverage plans. Exhibit 12-6 calculations demonstrate the financial impact of flexible spending account plans. “Ethical Issues in HRM” discusses the issue of benefits for domestic partners. “Diversity Issues in HRM” covers what happens to benefits, pay and job security when employees must report for military duty. “Did You Know: Benefits Around The Globe” highlights some benefits available internationally. “Workplace Issues: Revising the Stock Option Plan” explores stock options and FASB standards. ADDITIONAL...
Words: 3836 - Pages: 16
...is very hard. The success of an organization relies on their ability or inability to successfully deliver a proper plan to compensate employees fairly and compliant with all the new laws that have come into effect in the last few years. With that said, there are a ton of diverse ways that an organization or entrepreneur can make mistakes when it comes to compensating his or her employees ethically and fairly. First, some of the ethical issues directly related to compensation plans are Pay Equity Laws such as the Equal Pay Act of 1963 and the Lilly Ledbetter Fair Pay Act that occurred in 2009 due to responses concerning the decisions of The United States Supreme Court’s ruling to restrict statutes of limitation based on sex discrimination (Mathis, Jackson, Valentine, & Meglich, 2015). The Lily Ledbetter Act helped guarantee an employee’s 30 days to file a claim against discrimination that was previously outlined in The Equal Pay Act....
Words: 1175 - Pages: 5
...reading of this review the reader will be enabled to understand why exactly these factors must be included within an organization’s policy manual. Employee Rights Within any company policy manual the legal rights of an employee is an essential inclusion. These rights include The Civil Rights Act, the Equal Pay Act, the Age Discrimination in Employment Act, The Occupational Safety and Health Act, and the Americans with Disabilities Act. Having these such laws within the policy manual of an organization insures that the company is in compliance with all national and state employment laws where it is a necessity to provide each employee with their entitled right. These laws being stated also greatly assists the employees better understand what laws in fact are in place to protect them within the workplace. The policy manual is also a beneficial place to list these laws as both organization and employee can have one select booklet that lists are legal requirements by both parties. The Civil Rights Act was enacted in 1964. Title VII of this Act prohibits employment discrimination based on race, color, religion, sex and national origin. The inclusion of this act is pertinent to both...
Words: 2906 - Pages: 12
...and Medicaid programs were created under the social security act to provide health insurance to people with disabilities, low income families, people 65 or older, or people with terminally ill disease. Medicare was once the responsibility of Social security administration, and Medicaid was once the responsibility of the Social and Rehabilitative Service Administration until in 1977 the Healthcare financing Administration was created administer both services. What led the production of these two health insurances was the belief in the 1940s that everyone is entitled to health insurance no matter what, but since then health care cost has risen drastically. Many health care providers are reluctant to offer services or the appropriate services to people with this type of insurance because only a set amount is covered and not all expenses are paid for. In America Medicaid and Medicare provide health insurance to millions of people every day, and it would be devastating if they failed and were no more, throughout this essay I will show shocking statics and facts on both of these health services and how they work. It is important for Americans to be knowledgeable on what our country’s health runs on and how financially Medicare and Medicaid affect our economy (2009 Introduction to the Health Professions (5th Ed.). Medicare is a governmental funded insurance program for individual over the age of 65; 65 and younger with disabilities or a terminal illness and other eligibility requirements...
Words: 1283 - Pages: 6
...500 Fall 2010 October 31, 2010 1) Identify and describe at least three main types of health insurance in the U.S. The main types of health insurance are voluntary health insurance, social health insurance, and welfare medicine. In voluntary insurance or private health insurance in the United States can be subdivided in to three distinct categories: (1) Blue Cross and Blue Shield, (2) private or commercial insurance companies, and (3) health maintenance organizations. Nowadays, it is common for Blues and commercials to own and operate HMOs and other managed care plans. Social Health Insurance has two major mandatory social health insurance programs: (1) Workers’ Compensation for the costs and pain of suffering job-related accidents, and (2) Medicare for the elderly, disabled, and other special groups. Several states sponsor social insurance programs in the areas of temporary disability (California) or health insurance (Hawaii and Vermont). Workers’ Compensation provides two basic benefits: (1) cash replacement of a portion of wages lost due to disability and (2) payment for all or part of the medical care necessary. Welfare Medicine is a public assistance that is sponsored by a plethora of federal, state, and local government programs, but the most far-reaching program is Medicaid (Title XIX of the Social Security Act). The distinction between welfare medicine and social health insurance, both of which are public programs, is an important one and rests on the philosophical...
Words: 1484 - Pages: 6
...LIFE INSURANCE 3 CHAPTER 2: REGULATION OF THE INSURANCE INDUSTRY 5 CHAPTER 3: INTRODUCTION TO RISK AND INSURANCE 9 CHAPTER 4: MEETING NEEDS FOR LIFE INSURANCE 15 CHAPTER 5: THE INSURANCE POLICY 19 CHARTER 6: PRICING LIFE INSURANCE. 22 CHAPTER 7: TERM LIFE INSURANCE 26 CHAPTER 8: PERMANENT LIFE INSURANCE AND ENDOWMENT INSURANCE 30 CHAPTER 9: SUPPLEMENTARY BENEFITS 37 CHAPTER 10: LIFE INSURANCE POLICY PROVISIONS 44 CHAPTER 11: LIFE INSURANCE BENEFICIARY POLICIES 50 CHAPTER 12: ADDITIONAL OWNERSHIP RIGHTS 52 CHAPTER 13: PAYING LIFE INSURANCE POLICY PROCEEDS. 59 CHAPTER 14: PRINCIPLES OF GROUP INSURANCE POLICY 63 CHAPTER 15: GROUP LIFE INSURANCE. 68 CHAPTER 16: ANNUITIES AND INDIVIDUAL RETIREMENT SAVINGS PLANS 73 CHAPTER 17: GROUP RETIREMENT AND SAVINGS PLAN. 84 CHAPTER 18: MEDICAL EXPENSE COVERAGE 90 CHAPTER 19: DISABILITY INCOME COVERAGE. 94 CHAPTER 20:TRADITIONAL GROUP HEALTH INSURANCE PLANS 98 CHAPTER 21: TRADITIONAL INDIVIDUAL HEALTH INSURANCE POLICIES 104 CHAPTER 22: MANAGED CARE PLANS 109 CHAPTER 23: REGULATION OF HEALTH INSURANCE 113 CHAPTER 1: INTRODUCTION AND INDIVIDUAL LIFE INSURANCE Insurance companies are organized as either • Stock Insurance companies Company has stock that is bought by shareholders. So company is owned by shareholders. These share holders get dividends. No. of companies: 1604 Income from Premium: 226 billion Dollar amount of Life Insurance in force: 9.8 trillion • Mutual Insurance companies ...
Words: 39952 - Pages: 160
...Associate Program Material Aging and Disability Worksheet Part I Identify 2 or 3 issues faced by the aging population. 1. Social Isolation 2. Job security 3. Health Answer the following questions in 100 to 200 words each. Provide citations for all the sources you use. • What is ageism? How does ageism influence the presence of diversity in society? Ageism is defined as prejudice and discrimination against older people. Schafer writes that for the ageist, elderly persons reflect the image of disease, death, and dying as well as a reminder that we will all be old one day. (2012, pp. 395-396). Mentally dysfunctional is another stereotype of the elderly whish states that they are slow. There is so much discrimination of different groups of people. This affects the diversity in society, because it is as though the elderly is their own group. We are not meant to be the same and we do have to eventually pass on. We should really be looking at them as an important piece of history that we have. • What is the Age Discriminitation in Employment Act (ADEA)? How does the ADEA address issues for the aging population? The ADEA is a federal law that prohibits age discrimination by employers with more than 20 employees that are over the age of 40, It also protects workers that are 40 years and older from being fired and then being replaced by someone that is younger in age. But it also works the other way around as if an older person was hired...
Words: 1604 - Pages: 7
...pay is monetary compensation beyond the employee’s regular salary. It is often used to energize or direct an employees’ behavior as it is often linked to predetermined behaviors or outcomes (Noe, 2014). Incentive pay can be found as a commission for those in sales, or a bonus for those in other fields. Offering incentive pay can be beneficial to the company for many reasons. Employees are often willing to work harder or find creative ways to problem solve when money is on the line. In addition, incentive pay can make the company more attractive to potential employees and help retain existing ones (Yamamoto, 2014). HR can utilize many different methods to determine how incentive pay is earned. One method is merit pay. This method links all pay increases and bonuses on performance appraisals. Merit pay decisions are based on two factors: the employee’s compa-ratio, pay relative to...
Words: 2635 - Pages: 11
...qualify by birth. Citizens must have a medical card that is issued by the HSE and are entitled to visits to a GP-General Practitioner, prescription medicines and certain medical equipment like wheelchairs, some dental treatment, vision and hearing services, treatment at public hospitals, and maternity and care of the newborn for up to six weeks after birth. They also may be entitled to free transportation to school for children who live 3 miles or more from the nearest school, and receive financial help with school book expenses. Despite free healthcare, there are problems in the Irish health system. Due to long waiting lists for surgical procedures or urgent treatments, many Irish citizens choose to purchase private health insurance. Private insurance allows patients to receive immediate treatment, bypassing long wait times and they can choose the hospital or care provider of their choice, depending on the level of their...
Words: 2151 - Pages: 9
