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MGT 3320 (22)
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Midterm

Exam 4 Study Guide

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Department
Management
Course
MGT 3320
Professor
All Professors
Semester
Spring

Description
MGT Exam 4 Study GuideChapter 13 Employee BenefitsCompensation and benefitsoCan take many formsoBenefits make up approx 30 of compensation packageBenefitsthe hidden paycheckoBenefits are unique different from compensation More regulation of benefits than direct payAlmost obligatory for employers to provideComplex for employees to understand the valueMight not understand what some insurances entail oWhy benefitsCheaper for organizationEmployee retainment Keep them healthySecurity oReasons for benefits growth be familiarGreat depression was 3 in 1929Help employees meet security needsThe new dealSocial Security Act passed in 1935World war IIWage and price controlslimited in how much employees are paidLabor market shortages What are other ways to attract and retain peopleoBenefits werent covered by wage controlsoAfter war the benefits remainedTax treatment of benefits programMGT Exam 4 Study GuideFor both employees and employers tax treatment of benefits is more favorable than tax treatment of wages and salariesGroup insuranceInsurance purchased at lower rate for large group of employees than individualsRisks more easily pooledLarge groups can achieve greater bargaining power Organized laborUnions able to pursue their members interest in benefitsPower in numbers Employer differentiationCan we provide better more unique benefits than the competitionUsing benefits to enhance corporate imageoBenefits programsknow all of these everything about themSocial insurancelegally requiredSocial security originated in 1935oProvides old age insurance unemployment insurance survivors insurance disability insurance hospital insurance supplementary medical insuranceoMore than 90 of employees are coveredoBoth employers and employees are assessed payroll tax 765 eachoRetirement benefits are free from federal tax and free from state tax in some statesoFull benefits begin at age 65 and reduced benefits at 62Unemployment insuranceoProvides benefits to unemployed workersoTypically 50 of earnings for 26 weekso4 objectivesOffset lost income during involuntary unemploymentHelp unemployed workers find new jobs
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