Employee Benefits Required by Law.
Title: Employee Benefits Required by Law.
Category: /Literature
Details: Words: 3409 | Pages: 12 (approximately 235 words/page)
Employee Benefits Required by Law.
Category: /Literature
Details: Words: 3409 | Pages: 12 (approximately 235 words/page)
The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide.
These benefits include employer contributions to Social Security, unemployment
insurance, and workers' compensation insurance. Altogether such benefits
represent about twenty-one and half percent of payroll costs.
Social Security.
Social Security is the federally administered insurance system. Under current federal laws, both employer and employee must pay into the system, and a certain percentage of the employee's salary is paid
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Service programs in all States. In addition, FUTA pays one-half of
the cost of extended benefits and provides for a fund from which States
may borrow, if necessary, to pay benefits. State Unemployment Tax. The
State Unemployment Tax, paid to State Employment Security Agencies, is
used solely for the payment of benefits to workers who have lost their
through no fault of their own. In addition, these taxes are used to pay
one-half the cost.