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Prentice Hall, Inc. © 2006 10-1 A Human Resource Management Approach STRATEGIC COMPENSATION Prepared by David Oakes Chapter 10 Legally Required Benefits
Prentice Hall, Inc. © 2006 10-2 Legally Required Benefits Social Security Workers’ Compensation Family & Medical Leave
Prentice Hall, Inc. © 2006 10-3 Social Security Programs Unemployment insurance Old Age, Survivor, and Disability Insurance (OASDI) Medicare
Prentice Hall, Inc. © 2006 10-4 Unemployment Insurance Unemployment not worker’s fault States administer within federal guidelines States send money to federal government Agriculture & domestic workers are exempt
Prentice Hall, Inc. © 2006 10-5 Unemployment Eligibility Did not leave job voluntarily Able and available for work Actively seeking work Has not refused suitable work Not off due to labor dispute Not fired for gross work violations
Prentice Hall, Inc. © 2006 10-6OASDI Old Age, Survivor, and Disability Insurance Enacted in 1935, for retirement Survivors’ insurance added 1939 Disability insurance added 1965
Prentice Hall, Inc. © 2006 10-7 OASDI Exemptions Civilian f ederal workers Railroad employees (before 1984) State & local government workers Children Under 21, if working for a parent Unless over 18, working in the family’s business
Prentice Hall, Inc. © 2006 10-8 OASDI Retirement Requirements Earn 40 quarters of credit, or Be employed for 10 years Be age 62 for partial benefits Be age 65 for full benefits In 2022, be age 67
Prentice Hall, Inc. © 2006 10-9 OASDI Survivor’s Benefits Based on Eligibility Status & Relationship Deceased was fully insured Dependent, unmarried children Widow(er) age 60 + Dependent parent age 62 +
Prentice Hall, Inc. © 2006 10-10 Disability Benefits Worker was fully insured Meets Social Security work requirements Varies according to age & disability Disability must last 1 year or be terminal 6 Months waiting period
Prentice Hall, Inc. © 2006 10-11Medicare For citizens age 65 + Provided insurance coverage for Hospitalization Convalescent care Major doctor bills Prescription drug costs
Prentice Hall, Inc. © 2006 10-12 Medicare Options Part A Part B Medigap Medicare Advantage (Part C) Prescription Drug Program
Prentice Hall, Inc. © 2006 10-13 Medicare Part A Covers inpatient & outpatient hospital care & services Provides unlimited in-home care Participants Social security beneficiaries Retirees Voluntary enrollees Disabled Employer & employee financed
Prentice Hall, Inc. © 2006 10-14 Medicare Part B Voluntary supplementary medical insurance $110 deductible, then covers 80% Financed by government & enrollees Participants Part A enrollees Those on social security Railroad retirees
Prentice Hall, Inc. © 2006 10-15 Part B Coverage Diagnosis, therapy, surgery Consultations Medical services & supplies Medications not self administered Outpatient hospital services Home health services
Prentice Hall, Inc. © 2006 10-16Medigap Supplements Parts A & B Through private insurers 10 standardized choices Medicare Select Option Lower premiums for fewer choices Not offered in all states
Prentice Hall, Inc. © 2006 10-17 Medicare Advantage Medicare + Choice, Part C Established through Balanced Budget Act of 1997 Alternative to Parts A & B Options Fee-for-services Managed care plans Medical savings accounts
Prentice Hall, Inc. © 2006 10-18 Medicare Prescription Drug Program Part D Covers 75% after $250 deductible up to $2,250 Cover 95% after $3,600 out-of-pocket Employer subsidy for similar plan
Prentice Hall, Inc. © 2006 10-19 Workers’ Compensation State compulsory disability laws Enacted in 1911 Employer liable regardless of fault Maritime, federal civilian, domestic agriculture, & small business workers not covered
Prentice Hall, Inc. © 2006 10-20Objectives Provide income & medical benefits Reduce litigation Relieve charities’ financial drain Eliminate legal fees & time Encourage employer safety Promote accident study & avoidance
Prentice Hall, Inc. © 2006 10-21 NCSWCL Obligations Take initiative in administration Review performance & adjust Inform workers & insure payment Inform providers & employers Resolve disputes Adjudicate unresolved claims
Prentice Hall, Inc. © 2006 10-22 Workers’ Compensation Claims Injury Occupational disease Death
Prentice Hall, Inc. © 2006 10-23 Workers’ Compensation Benefits Medical services Disability income Death benefits Rehabilitative services
Prentice Hall, Inc. © 2006 10-24 FMLA Benefits 12 weeks of unpaid leave for Birth, adoption, foster care Serious family medical problems Worker’s serious medical problem Retention of Seniority Health insurance coverage Credit for previous service Accrued retirement benefits
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