Benefits And Benefits Of Employee Benefits - 1199 Words

Employee benefits were not a significant part of most employees compensation packages until the mid-twentieth century. In the U.S., benefits included only about 3 percent of total payroll costs for companies in 1929. According to U.S. Chamber of Commerce, however, employee benefits in the U.S. now include approximately 42 percent of total payroll costs. Several things account for the huge increase in the importance of employee benefits in the U.S. In the 1930s, the Wagner Act considerably increased the ability of labor unions to establish workers and bargain for better wages, benefits, and working conditions. Labor unions from the 1930s to 1950s took advantage and negotiated for new employee benefits that have since become common in both unionized and non-union companies. Federal and state legislation requires companies to offer certain benefits to employees. Employers may find themselves at a disadvantage in the market if they do not offer competitive benefit packages. In the U.S., legislation requires almost all employers to offer the social security benefit, unemployment insurance, and workers compensation insurance. Companies with 50 or more employees, are required to also offer employees an unpaid family and medical leave benefit. The Social Security Act of 1935, provides monthly benefits to retired workers who are at least 62 years of age, disabled workers, and their eligible spouses and dependents. Social Security is financed by contributions made by the employeeShow MoreRelatedBenefits And Benefits Of Employee Benefits Essay1422 Words   |  6 Pagesor not, when the phrase employee benefits is mentioned there are many different perspectives from various angles as to what exactly employee benefits entail. 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