MHR 311 Lecture Notes - Lecture 14: Involuntary Unemployment, Health Insurance Portability And Accountability Act, Employee Retirement Income Security Act

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Social security act (1935) a payroll tax on both employees and employers. Must work 40 quarters in an occupation covered by act to qualify for benefits (a worker can earn a maximum of four credits each year) Be(cid:374)efits paid a(cid:396)e dete(cid:396)(cid:373)i(cid:374)ed (cid:271)y a(cid:374) i(cid:374)dividual"s life-time earnings. A qualified individual receives social security benefits upon retirement. The normal retirement age is between 65 to 67 depending on the birth year. Workers can take early retirement at 62 or later with a reduction of monthly benefits. Benefit weekly amounts vary from state to state. Involuntarily unemployed workers were originally eligible for up to 26 weeks of unemployment benefits. Be(cid:374)efit is (cid:271)ased o(cid:374) a(cid:374) e(cid:373)ployee"s (cid:396)e(cid:272)e(cid:374)t ea(cid:396)(cid:374)i(cid:374)gs. Provided to workers to defray the loss of income and cost of treatment due to work-related injuries or illness. The consolidated omnibus budget reconciliation act of 1986 (cobra)

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