10 Benefits Businesses Offer Employees

10 BENEFITS BUSINESSES • OFFER · EMPLOYEES MANDATORY EMPLOYEE BENEFITS FINANCIAL COMPENSATION The federal minimum wage is U.S. cities can also establish minimum wage laws $7.25 $10.55 San Francisco has the highest minimum wage at 10 10 ENTED TTS 08934450 ЛОТEN DOLLARS The median hourly wage for full-time workers in Q1 2014 was $19.90 2 SOCIAL SECURITY PAYMENTS Employers and employees split the 12.4% social security tax Each party pays 6.2% Retired workers received an average of $1,294 monthly from Social Security in 2013 3 UNEMPLOYMENT INSURANCE Employers must pay for unemployment insurance RAINY DAY INSURANCE CO. GET YOURS TODAY! The specific amount varies by: Which state they are in • The # of unemployment insurance Payroll size claims filed against the company 4 WORKERS’ COMPENSATION INSURANCE Businesses pay for workers' compensation insurance to RAINY DAY INSURANCE Co. protect employees who get GET YOURS injured on the job TODAY! Workers' Compensation covers: • Immediate injuries that occur at the workplace (such as falling off a ladder) • Injuries or illnesses developed because of workplace conditions (such as illnesses that develop from exposure to chemicals) • Injuries that occur while attending a work-related function or traveling for work FEDERAL FAMILY AND MEDICAL LEAVE Businesses must give employees up to 12 workweeks of leave per year JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER FOR Serious health Childbirth and caring Caring for a close family Care for a spouse, conditions for a child under member who is a member of the child, or parent with one year old military on covered active duty a serious health condition * FMLA requires businesses to give employees up to 26 workweeks of leave per year to care for a military family member who is seriously sick or injured 6 TIME OEF FOR CIVIC DUTIES Businesses must give employees time off for: Voting Jury Duty Military Duty * Most states do not require paid time off for these activities, but employees cannot face penalties for participating NON-MANDATORY EMPLOYEE BENEFITS 7 HEALTH INSURANCE 96% 35% of private-sector businesses with of businesses with 50 or more employees fewer than 50 employees provide health insurance coverage provide health insurance Beginning in 2015, the Affordable Care Act will require businesses with 100 or more full-time employees to provide health insurance Small businesses with 50 to 99 full-time employees must provide health insurance by 2016 PAID VACATION 91% 35% 86% 69% of of of employees working for of employees working for full-time workers part-time workers large businesses small businesses receive paid vacation receive paid vacation receive paid vacation receive paid vacation 9 RETIREMENT BENEFITS 98% of these businesses provide contribution to the plans 30% of businesses offer pensions plans * The most popular match is 1:1 on the first 6% to their employees of employee contributions 10 LIFE INSURANCE 73% of full-time employees are offered life insurance 97% of these employees take advantage of the benefit SOURCES dol.gov/whd/minimumwage.htm nolo.com/legal-encyclopedia/leave-policies-workplace-faq-29088-6.html blogs.kqed.org/newsfix/2013/05/06/sf-minimum-wage/ meps.ahrq.gov/mepsweb/data_stats/summ_tables/insr/state/series_2/2012/ic12_ia_f.pdf bls.gov/news.release/pdf/wkyeng.pdf obamacarefacts.com/obamacare-employer-mandate.php irs.gov/taxtopics/tc751.html forbes.com/sites/tanyamohn/2013/08/13/paid-time-off-forget-about-it-a-report- ssa.gov/pressoffice/basicfact.htm looks-at-how-the-u-s-compares-to-other-countries/ smallbusiness.chron.com/companies-pay-percentage-unemployment-18711.html marketwatch.com/story/you-can-still-get-a-job-with-a-pension-2013-11-13 nolo.com/legal-encyclopedia/workers-compensation-basics-employers-30333.html aon.com/attachments/human-capital-consulting/2013_report_Trends-Experience- businessinsurance.com/apps/pbcs.dl/gallery?Site=CB&Date=20121023&Category DC-Plans_Highlights.pdf =PHOTOS&ArtNo=102309998&Ref=PH&Params=ltemnr=11 bls.gov/opub/ted/2012/ted_20120406.htm dol.gov/whd/fmla/ A EA OHIO onlinemba.ohio.edu UNIVERS ITY OR NSURANCE NSURANCE