Employee benefits are compensation given to employees by their employers, including legally required benefits such as workers’ compensation, family and medical leave, social security, and unemployment insurance. Employers also offer optional benefits to attract and retain employees. COBRA benefits provide discounted health insurance to former employees. Workers’ compensation is crucial for injured workers to continue working.
Employee benefits refer to the types of compensation that employees get by virtue of their employment. While the exact extent of these benefits varies according to different employers’ policies, some are legally required employee benefits. The statutory provision may vary slightly depending on the country in question; however, in most countries, some basic employee benefits are provided under the provisions of applicable labor and related laws. For example, in the United States, required benefits for employees include merits such as workers’ compensation, family and medical leave, social security and unemployment insurance. Another inclusion in legally required employee benefits is the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).
Most employers have their own mix of employee benefits that will include all of the statutory employee benefits as well as some optional ones that will add to the obligation. Such benefits are a crucial part of corporate strategies, as the right mix of employee benefits will ensure that a company is able to attract and retain the right employees with desirable human capital. Employers are legally obligated to give their employees up to 12 weeks of unpaid leave if they need it to attend to pressing personal issues which may include health issues or take care of family emergencies. This only applies to those employers who have at least 50 people in their company and serves as a kind of guarantee that such employees will not find themselves out of a job if they ever have to take time off to deal with the personal matters listed.
Another inclusion in legally required employee benefits is COBRA benefits, something that was created with the goal of ensuring that formerly qualified employees and their employees continue to receive discounted health insurance even if they no longer work for that company. One of the most familiar parts of legally required employee benefits is workers’ compensation, a benefit it aims to provide to workers who may have been injured on the job. The need for this particular required employee benefit is pertinent when one considers that workers who become ill or injured as a result of work-related activities or conditions may suffer physical or mental degradation that could make it difficult for them to continue working with any significant capacity.
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