BU353 Chapter 15: Chapter 15.docx
Document Summary
Workers" compensation laws govern employer responsibility for workplace injuries to employees. Workers" compensation benefits included medical benefits, benefits for total disability, benefits for permanent partial disability, and survivor benefits. For permanent partial disability payments, which represent a large proportion of the total cost of disability benefits, the amount of benefits may be scheduled or may be based on the worker"s estimated loss of earning capacity. Many employees receive a material amount of their total compensation in the form of employer- related retirement plans and group life and health insurance. Obtaining benefits through work is often advantageous compared to employees purchasing individual coverage because qualifying employment-related benefits reduce income taxes for employees and administrative expense loadings in group insurance premiums are lower than for individual insurance.
