Question

a. What are the legally required benefits employers must provide for their employees?

b. Why are these benefits required?

c. How can companies control the costs of each required benefit?

Answer 1

a) Legally required benefits are a group of benefits that employers are expected to participate in and contribute toward . This includes Social Security, Medicare, federal and state unemployment insurance, and workers' compensation .

b) These benefits are required to protect the workers from unforseen circumstances and maintain the basic standard or living of a worker . They provide incentive towards better productivity which is a source of economic growth . Social security , medicare , insurance etc maintains the basic integrity and the overall well being of the society . This also promotes economic development .

c) Companies can control the costs of each required benefits by formulating a robust benefits package suitable for the industry , invest in technology to save on manual labor and administration , promoting health and wellness programmes to prevent heavy usage of benefits etc .