BUSM 1100 Lecture Notes - Household Income, Unemployment Benefits, Life Insurance
Document Summary
Employee benefits indirect financial payments given to employees. May include supplementary health and life insurance, vacation, pension, education plans, and discounts on company products. Provides weekly income benefits if person unable to work through no fault of his/her own does not applied to self-employed. Laid off, terminated without just cause, quit job for justifiable reason (harassment) Must have worked minimum number of hours during minimum number of week qualifying period. 55% of average earnings during last 14-26 weeks of qualifying period. Contributed by employees and employers from payroll deductions. Programs that provide three types of benefit: retirement income. 25% of average earnings over years during contributions made. Can receive 60-70; penalty for earlier than 65: survivor or death benefits payable to employee"s dependents. Monthly pension payable to surviving spouse and each dependent child: disability benefits payable to employee/dependents. Severe disabilities expected to be permanent or for extended period.
