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WHAT ARE BENEFITS? WHAT ARE BENEFITS?

P P 8eneflLs are lndlrecL flnanclal and non flnanclal paymenLs 8eneflLs are lndlrecL flnanclal and non flnanclal paymenLs
employees recelve for conLlnulng Lhelr employmenL wlLh employees recelve for conLlnulng Lhelr employmenL wlLh
Lhe company Lhe company
EPL0YERS NEEB T0 BESIuN BENEFITS
PACKAuE WITB CARE
JhaL beneflLs Lo offer?
Jho recelves coverage?
JheLher Lo lnclude reLlree?
Pow Lo flnance beneflLs?
Pow Lo communlcaLe beneflL opLlons Lo employees?
CLASSIFICATI0N 0F BENEFITS
9ay for Llme noL
worked
lnsurance beneflLs
8eLlremenL beneflLs
Servlces
PAY FUR TIME NUT WURKED
9ay for Llme noL worked also called Su99,-@
pay beneflLs are leave beneflLs LhaL allow employees
Lo Lake Llme off from work mployers are requlred
Lo provlde cerLaln Lypes of Llme off from work lL ls
one of Lhe mosL cosLly beneflLs Common Llme off
pay lncludes
0nemployment Insuiance
unemploymenL lnsurance provldes beneflLs lf a
person ls unable Lo work Lhrough no faulL of hls
own llrms aren'L requlred Lo [usL leL everyone
Lhey dlsmlss recelve unemploymenL beneflLs
only Lo Lhose released Lhrough no faulL of Lhelr
own @herefore a worker flred for hls own
clumslness can'L clalm beneflLs
acations anu Boliuays
IacaLlons are days off wlLh pay for
employee resL and relaxaLlon @he
number of pald employee vacaLlons
days varles from employer Lo employer
Sick Leave
Slck leaves provlde pay Lo employees
when Lhey are ouL of work due Lo
lllness ,osL slck leave pollcles granL
full pay for a speclfled number of slck
days
Cost ieuuction tactics
P Some employees use slck leaves for
personal leave and as exLenslon Lo
vacaLlons wheLher slck or noL
@herefore employers have Lrled
several LacLlcs Lo reduce excesslve slck
leave absence
P Some repurchase unused slck leave aL Lhe end of Lhe
year by paylng Lhelr employees a sum for each slck leave
day noL used
P ,any employers use pooled pald leave plans @hese
plans lump LogeLher slck leave vacaLlon and holldays
lnLo a slngle leave pool
Paiental leave anu Family anu
Neuical Leave
P 9arenLal leave ls an employee beneflL
LhaL provldes pald or unpald Llme off
work Lo care for a chlld or make
arrangemenLs for Lhe chllds welfare
P lamlly and ,edlcal eave ls Laklng Llme
off from work because of famlly
responslblllLles
Seveiance Pay
Severance pay ls one Llme separaLlon
paymenL when LermlnaLlng an employee
lL ls a humanlLarlan gesLure mployees
dlsmlssed due Lo downslzlngs goL
severance pay whlle Lhose who qulL or
are dlsmlssed for cause rarely geL
severance
Supplemental 0nemployment
Benefits
SupplemenLal unemploymenL beneflLs are deslgned Lo
help Lhe unemployed malnLaln Lhelr currenL sLandard of
llvlng lso called guaranLeed annual lncome plan @hls
beneflL ls glven Lo employees ln case of shuLdowns Lo
reduce lnvenLorles or change machlnery
WORKER'8 COMPEN8ATION
9rovlde lncome and medlcal beneflLs Lo work
relaLed accldenL vlcLlms or Lhelr dependenLs
regardless of faulL
Bow benefits aie ueteimineu
P medlcal care
P rehablllLaLlon expenses
P dlsablllLy coverage to compeosote yoo fot lost woqes
P deaLh beneflLs f yoo ote o JepeoJeot fomlly membet of someooe wbo wos kllleJ
oo tbe job yoo mlqbt be eotltleJ to Jeotb beoeflts tbtooqb wotkets compeosotloo
Consiueiations
-oL all workers are acLually covered by workers
compensaLlon elLher
-oL all ln[urles however are covered by workers
compensaLlon
Not aII njures, however, are covered by workers comensaton. 7hose that occur n the
commsson o/ a serous crme, when the emIoyee s not at work, or whIe they are n
voIaton o/ comany oIcy, do not generate workers comensaton bene/ts.
A erson who starts a /ght whIe at work and s njured as a resuIt s deemed to have a
seI/-n/Icted njury and s there/ore not covered by workers comensaton.
Controlling worker's compensation
nlt lt is importont to contro/ worker compensotion c/oims {ond therefore cost) is importont to contro/ worker compensotion c/oims {ond therefore cost)
1here ore severo/ woys to reduce worker compensotion c/oims 1here ore severo/ woys to reduce worker compensotion c/oims
P Screen CuL ccldenL 9rone Jorkers
P ln @he ye Cf aw
P CeLLlng 8ack mployees Cn @he !ob
Scieen 0ut Acciuent Pione Woikeis
P 8educe accldenL causlng condlLlon ln your faclllLles
P lor lnsLance by lnsLlLuLlng effecLlve safeLy and healLh
programs and complylng wlLh governmenL safeLy
sLandards
In The Eye 0f Law
P Some workers compensaLlon clalms are leglLlmaLe
some are noL
P Supervlsor should Lherefore waLch for Lyplcal
fraudulenL clalm red flag oqoe occlJeot Jetolls mloot occlJeots
tesoltloq lo mojot lojotles lock of wltoesses lojoty occottloq lote ltlJoy ot ety
eotly MooJoy motoloq ooJ lote tepottloq
uetting Back Employees 0n The
}ob
P lL's also lmporLanL Lo geL employees back on Lhe [ob
as fasL as posslble snce workers comensaton cost accumuIate as
Iong as erson s out o/ work.
P ,any flrms have rehablllLaLlon programs @bese locloJe
pbyslcol tbetopy coteet coooselloq to qolJe lojoteJ employees loto oew less
stteoooos jobs ooJ ootsloq osslstooce to belp teloteqtote teclpleots bock loto yoot
wotk fotce
Case Nanagement
@reaLlng ln[ured workers on a case by case basls uslng an
asslgned case manager who coordlnaLes Lhe employee's
LreaLmenLs
Life insuiance
P lnsurance LhaL guaranLees a speclflc sum of money Lo
a deslgnaLed beneflclary upon Lhe deaLh of Lhe
lnsured or Lo Lhe lnsured lf he or she llves beyond a
cerLaln age
Bealth insuiance
P PealLh lnsurance ls lnsurance agalnsL Lhe rlsk of
lncurrlng medlcal expenses among lndlvlduals 8y
estlmotloq tbe oetoll tlsk of beoltb cote expeoses omooq o totqeteJ qtoop oo
losotet coo Jeelop o tootloe floooce sttoctote socb os o mootbly ptemlom ot
poytoll tox to eosote tbot mooey ls oolloble to poy fot tbe beoltb cote beoeflts
speclfleJ lo tbe losotooce oqteemeot
P @he beneflL ls admlnlsLered by a cenLral organlzaLlon
ptlote bosloess ot ootfotptoflt eotlty
Bospitalization Insuiance
ospltollzotloo losotooce coo be pott of oo exlstloq beoltb losotooce ploo ot o sepotote
losotooce ploo PosplLallzaLlon lnsurance or hosplLallzaLlon
lndemnlLy lnsurance provldes some coverage durlng
hosplLal sLays ltbooqb some compooles tepolte tbe potleot to meet o JeJoctlble befote
tbe bospltollzotloo beoltb losotooce beqlos poymeot tbe pollcy coo ptolJe floooclol soppott fot o
lotqe petceotoqe of bospltollzotloo cost
Bisability insuiance
lsablllLy lnsurance ofteo colleJ u ot Jlsoblllty locome losotooce ls a form
of lnsurance LhaL lnsures Lhe beneflclarys earned
lncome agalnsL Lhe rlsk LhaL a dlsablllLy wlll make
worklng (ooJ tbetefote eotoloq) lmposslble t locloJes polJ slck leoe
sbotttetm Jlsoblllty beoeflts ooJ looqtetm Jlsoblllty beoeflts
TYPES 0F BISABILITY
INS0RANCE
ulsobllltles foll loto ooe of foot coteqotles JepeoJloq oo wbetbet tbey ote totol ot pottlol tempototy ot
petmooeot
P @emporary LoLal dlsablllLy tbot pteeots yoo ftom wotkloq ot oll bot ooly
fot o llmlteJ omooot of tlme o otbet wotJs yoo coot wotk oow bot yoo wlll be oble to wotk some Joy
@be ost mojotlty of wotkets compeosotloo Jlsobllltles foll loto tbls coteqoty
O @emporary parLlal dlsablllLy tbot pteeots yoo ftom Joloq some of tbe
Jotles of yoot job fot o llmlteJ omooot of tlme o otbet wotJs yoo coo Jo potts of yoot job oow ooJ
someJoy yoo moy be oble to Jo oll of tbe Jotles of yoot job jost os yoo JlJ befote yoot lojoty
P 9ermanenL LoLal dlsablllLy tbot pteeots yoo ftom eet tetotoloq to wotk
oo Joot oeeJ to be totolly belpless ot meJlcolly locopocltoteJ to foll loto tbls coteqoty jost oooble to
wotk ot yoot job ot o slmllot ooe
P 9ermanenL parLlal dlsablllLy occots wbeo tbe Jomoqe ls petmooeot
bot lt ooly pottlolly lmpolts yoot oblllty to wotk
Life insuiance companies in
Pakistan
East West Life Assuiance Company
P ast West L/e s an mortant Iayer /or Pakstans heaIth and I/e
nsurance comanes and o//ers a /uII range o/ nsurance roducts,
ncIudng.
P INDIVIDUALLIIL9LANS
Cold Sarmaya
,ahfouz Sarmaya 9lan
9ersonal ccldenL (9% 9lan
Scholars 9lan
8uslness 9lans
Checkln CuaranLee 9lan
Croup PealLh lnsurance
lfe lnsurance
New jubilee life insuiance Company
-ew jobllee llfe losotooce compooy ls o best lv@
losotooce compooy lo loklstoo -ew jobllee wos o
sobslJloty of tbe qo kboo looJ fot cooomlc
ueelopmeot 5wltzetlooJ
Je are Lhe only lfe lnsurance Co ln
9aklsLan offerlng salary correcLlon
CC,,lSSlC- energy sales
EF0 Life Insuiance
lu llfe moooqes o qtoop of ptofessloools wltb exteosle
expetleoce of llloq lo tbe uolteJ kloqJom @bls bos
belpeJ tbe compooy cteote o ptofessloool coltote oolpoe
omooqst llfe losotooce compooles lo loklstoo lu
lfe offers a full range of producLs
developed afLer exLenslve research
of flnanclal servlces ln JesLern
counLrles llke Lhe unlLed klngdom
@hese producLs are deslgned Lo meeL
Lhe dlverse needs of cusLomers lfe
lu and offer beLLer flnanclal
servlces
Tienus in health caie cost
contiol
Communication, invoIvement and
empowerment
P ettloq employees mote looleJ ooJ empoweteJ lo tbe beoltb cote ptoqtom ls
lmpottoot Ooe cost coottol expett solJ tbe blqqest ctltlclsm of moooqeJ cote s tbot tbe
beoltb cote coosomet bos llttle floooclol stoke lo tteotmeot Jeclsloos @oJoys typlcol potleots
coosome os mocb beoltb cote os tbey wlsb ooJ someooe else poys fot lt
P Cne soluLlon ls Lo make sure employees know Lhe
cosL of Lhe medlcal declslon Lhey are maklng and Lo
lnvolve Lhem more ln plan admlnlsLraLlon
Piemium & co pays
P ,ore employers are requlrlng employees Lo pay hlgher
premlums or a greaLer share of ouL of pockeL cosLs ln
Lhe form of hlgher deducLlbles and copaymenLs
Bealth Saving Accounts
P eoltb 5oloqs ccooot ls oo oltetootle to comptebeosle beoltb
losotooce lL ls a savlngs vehlcle LhaL allows people a
dlfferenL way Lo pay for Lhelr healLh care 5s eooble yoo
to poy fot cotteot beoltb expeoses ooJ soe fot fotote meJlcol ooJ tetltee beoltb
expeoses oo o toxftee bosls
Long teim caie
P ongLerm care (@C% ls a varleLy of servlces whlch
help meeL boLh Lhe medlcal and nonmedlcal need of
people wltb o cbtoolc llloess ot Jlsoblllty wbo coooot cote fot tbemseles fot looq
petloJs of tlme
P a IeveI o/ medcaI care that requres the exertse o/ skIIed racttoners
P can be rovded at home, n the communty, n asssted Ivng or n nursng homes.
Long-term care may be needed by eoIe o/ any age, even though t s a common
need /or senor ctaens.
RETIREMENT BENEFITS
Social secuiity:
Soclal securlLy ls prlmarlly a soclal lnsurance program
provldlng soclal proLecLlon or proLecLlon agalnsL
soclally recognlzed condlLlons lncludlng poverLy old
age dlsablllLy unemploymenL and oLhers
Pension plans
9lans LhaL provlde a flxed sum when employees reach a
predeLermlned reLlremenL age or when Lhey can no
longer work due Lo dlsablllLy leosloo lloos ote oJllJool lloos tbot
qoze loto yoot fotote ooJ fotesee floooclol stoblllty Jotloq yoot olJ oqe @bese
pollcles ote most solteJ fot seolot cltlzeos ooJ tbose ploooloq o secote fotote so
tbot yoo oeet qle op oo tbe best tbloqs lo llfe
CLASSIFICATI0N 0F PENSI0N
PLAN
Je can classlfy penslon plan ln Lwo baslc
ways
P eflned beneflL plan
P eflned conLrlbuLlon plan
Befineu benefit plans
plan LhaL conLalns a formula for deLermlnlng
reLlremenL beneflLs JefloeJ beoeflt peosloo ploo ls o mojot type of
peosloo ploo lo wblcb oo employet ptomlses o speclfleJ mootbly beoeflt oo tetltemeot tbot
ls pteJetetmloeJ by o fotmolo boseJ oo tbe employees eotoloqs blstoty teoote of setlce
ooJ oqe totbet tboo JepeoJloq oo loestmeot tetotos
Befineu contiibution plans
P @he plan ln whlch Lhe employer's conLrlbuLlon Lo
employee's reLlremenL savlngs fund ls speclfled wltb
tbls tbe employee koows tbe beoeflts be wlll be eotoloq wbeo
tetlteJ
Eaily ietiiement
P arly reLlremenL may refer Lo an employers reLlremenL
plan provlslon LhaL leLs an employee choose Lo reLlre
before Lhe companys offlclal reLlremenL age
t moy olso tefet to cboosloq to tetlte befote tbe offlclol tetltemeot oqe estobllsbeJ
fot tecelloq 5oclol 5ecotlty beoeflts
EARLY RETIRENENT WINB0W
Lype of offerlng by whlch employees are encourage Lo
reLlre early Lhe lncenLlve belng llberal penslon beneflLs
plus perhaps a cash paymenL
Phaseu ietiiement anu the aging
woikfoice
lltst wltb tbe popolotloo oqloq ooJ wltb tbe
oetoll wotkfotce qtowloq mote slowly
employets wlll oeeJ to LLracL and reLaln
older workers
5ecooJ mployer wlll need pollcles Lo deal
wlLh employees who are older Lhan
LradlLlonal workers ooJ wbo moy tbetefote
boe somewbot Jlffeteot oeeJs ooJ wotk
ptefeteoces
PERS0NAL SERICES
P 9ersonal servlces are beneflLs provlded Lo Lhe
employees whlch Lhey requlre day or anoLher letsoool
setlces ote olso colleJ oloototy beoeflts t moy tefet to tbe petsoool osslstooce
qleo to ooy of tbe employee wbeo tepolteJ wblcb locloJe coooselloq Jlscossloos
ooJ leqol setlces
P 9ersonal servlce lncludes
1 CredlL unlon
2 mployee asslsLance program
Cieuit union
P credlL unlon ls a memberowned cooperaLlve organlzed
Lo promoLe LhrlfL among lLs members and Lo make loans
Lo lLs members from Lhese accumulaLed savlngs
t ls oot lo bosloess fot ptoflt bot fot 5etlce @bos lt ls o oolpoe floooclol lostltotloo cteJlt ooloos eocootoqe tbelt
membets to occomolote soloqs oot of ocome os o meoos of bollJloq ecooomlc secotlty fot tbemseles ooJ tbelt
fomllles o oJJltloo cteJlt ooloos ptolJe coosomet ooJ lo some coses bome mottqoqe looos wltb tbese ooJ
otbet beoeflts cteJlt ooloos belp tbelt membets to belp tbemseles to o qteotet Jeqtee of floooclol stoblllty Oo
oetoqe cteJlt ooloos offet lowet totes oo looos ooJ blqbet totes oo soloqs occoootsjost wbot coosomets woot
Benefits 0f Cieuit 0nion
P @he followlng are some beneflLs of uslng a credlL
unlon
P -onproflL sLaLus
P emocraLlc process
P lncluslveness
P ower fees
P 8eLLer lnLeresL raLes on loans
P lunds reLurned Lo members
P asy Lo [oln
Employee Assistance Piogiam
9s help buslnesses and organlzaLlons address producLlvlLy
lssues by helplng employees ldenLlfy and resolve personal
concerns LhaL affecL [ob performance @btooqb pteeotloo lJeotlflcotloo ooJ
tesolotloo of tbese lssoes ls eobooce employee ooJ wotkploce effectleoess ooJ ote o ltol tool fot molotololoq ooJ
lmptoloq wotket beoltb ooJ ptoJoctllty tetololoq oloeJ employees ooJ tetotoloq employees to wotk oftet llloesses
ot lojotles
EAP seivices to oiganizations incluue
P ducaLlon on handllng menLal healLh sLress and
addlcLlons ln Lhe workplace
P ddresslng workplace vlolence
P SafeLy and emergency preparedness
P Culdance on communlcaLlng ln dlfflculL slLuaLlons such as
mergers layoffs or when employees dle on Lhe [ob
P bsence managemenL
9s have been shown Lo conLrlbuLe Lo
P ecreased absenLeelsm
P 8educed accldenLs and fewer workers compensaLlon clalms
P CreaLer employee reLenLlon
P lewer labor dlspuLes
P 8educed medlcal cosLs arlslng from early ldenLlflcaLlon and
LreaLmenL of lndlvldual menLal healLh
Family Fiienuly Benefits
8eneflLs such as chlld care and flLness faclllLles LhaL make lL
easler for employees Lo balance Lhelr work and famlly
responslblllLy
Sick chilu benefit anu Bay Caie
P lloJloq poollty Joy cote ls ofteo o ety Jlfflcolt ooJ tlmecoosomloq tosk fot
poteots ltolJloq eltbet ooslte cote fot cbllJteo ot ot leost close ptoxlmlty wlll
belp
P lf Lhe chlld ls slck lL resulLs ln greaLer absenLeelsm of
employees resulLlng ln less producLlvlLy
f mooey ot spoce coosttolots stooJ lo tbe woy of ptolJloq o compooy Joy cote tbe otqoolzotloo coo stlll Jo
some of tbe leq wotk of loestlqotloq tbe poollty of cote oolloble lo locol cbllJ cote focllltles @bls wlll toke
some of tbe botJeo off employees mployee cbllJ cote sslstooce ltoqtom (ccl)
P @he CC9 provldes asslsLance Lo ellglble faculLy and
sLaff wlLh preklndergarLen chlldren Lo help Lhem
meeL Lhe cosL of chlld care
Eluei caie
Carlng for elderly relaLlves ls becomlng more of a concern
for many employees Loday 9rovlde resources Lo make Lhe
search for quallLy care more efflclenL ependenL Care
Time off:
Companles glve Llme off Lo Lhelr employees as Lhey glve
all Lhelr poLenLlals Lo work neglecLlng oLher aspecLs of
llfe @bls tlme off loJltectly locteose tbe ptoJoctllty of tbe employees compooles
qle tbem ocotloos to speoJ lelsote tlme ooJ telox @bey ote polJ fot tbe tlme off
compooy ollows
Effect of family fiienuly peifoimance
P lomllysoppottle employmeot beoeflts boe become locteosloqly popolot lo
teceot yeots becoose of mployer response Lo Lhe lncreaslng
labor force parLlclpaLlon of women and Lhe
consequenL need Lo balance work and famlly llfe
P lamlly frlendly work arrangemenLs beneflL boLh
employers and employees mployet beoeflt ftom lmptoeJ
ptoJoctllty ooJ locteoseJ stoff teteotloo mployees eojoy locteoseJ job
sotlsfoctloo ooJ bettet wotk ooJ fomlly bolooce
9resenLaLlon ConLlnued 8y
Llkah ,ansoorl
0thei }ob Relateu Benefits:
ducaLlonnel Subsldles
mployee 9requlslLe
Educational Subsidies:
Cne of Lhe many opLlons for paylng for conLlnulng
educaLlon ls Lo use LulLlon asslsLance funds
provlded by employers
mployer ald for educaLlon may Lake several
forms
1 lull @lme !ob offerlng @ulLlon
8elmbursemenL
2 9arL @lme !ob Cfferlng @ulLlon
8elmbursemenL
3 College 9arLnershlps
,any larger companles offer LulLlon relmbursemenL
programs for employees LhaL Lake courses relaLed Lo
Lhelr work
Pait-Time }obs 0ffeiing
Tuition Reimbuisement
Some parLLlme [obs also offer llmlLed LulLlon
asslsLance Cenerally Lhese employers offer a
smaller amounL Lo help offseL Lhe cosL of
educaLlon
Business-College Paitneiships
few large companles have parLnered wlLh colleges
Lo provlde educaLlon and Lralnlng for Lhelr workers
Employee Peiquisite:
xecuLlve 9erqulslLes are Lhose beneflLs
provlded Lo execuLlves above and beyond
beneflLs provlded Lo all oLher employees
Benefits Incluue:
8elocaLlon 9ackages
xecuLlve lfe lnsurance 9lan
Change ln ConLrol Severance greemenLs
SupplemenLal xecuLlve 8eLlremenL 9lans (S89S%
mploymenL ConLracLs
Cfflce Space
9arklng
Cell 9hones
nnual 9hyslcal
Company Car
Club ,embershlps
llrsL Class lr @ravel
CorporaLe lrcrafL
Flexible Benefit Piogiams
Cafeteria Approacb
lndlvlduallzed plans allowed by
employers Lo accommodaLe employees
preferences for beneflLs
Flexible Woik Aiiangements:
Iex Time
2 CompreaaedWork Weeka
3 ob 8haring
4 Work 8haring
5 TeIecommuting
Flex Time:
work schedule ln whlch employee's
workdays are bullL around a acre of mld
day hours and employees deLermlne
wlLhln llmlLs whaL oLher hours Lhey wlll
work
Compiesseu Woik Weeks:
Schedule ln whlch employee works fewer
buL longer days each week
compressed work week glves you Lhe
beneflL of an exLra day off by allowlng
you Lo work your usual number of hours
ln fewer days per pay perlod
JhaL JashlngLon eparLmenL of
@ransporLaLlon says abouL flex Llme and
compressed work weeks???
lncreased employee saLlsfacLlon
lncreased employee reLenLlon
ecreased Lardlness and absenLeelsm
xLended hours of servlce
lncreased producLlvlLy and efflclency
}ob Shaiing:
!ob sharlng lnvolves dlvldlng a slngle full
Llme [ob beLween Lwo people who share
Lhe responslblllLy pay and beneflLs
!obs can be shared on
ally basls
weekly basls
Jhen decldlng how Lo spllL a [ob several
facLors should be consldered
@he flexlblllLy of Lhe [ob sharers
@ravel cosLs
Woik Shaiing:
,eLhod used for reduclng operaLlng
cosLs wlLhouL lylng off employees ln
worksharlng schemes worklng hours and
wages are cuL across Lhe board unLll
Lhe organlzaLlons flnances reLurn Lo
normal levels
Telecommuting:
@elecommuLlng also known as
@eleworklng ls Lhe acL of worklng from a
remoLe locaLlon usually ones home
Benefits Foi Employeis
CosL savlngs
lncreased producLlvlLy
lmproved moLlvaLlon
Skllls reLenLlon
CrganlzaLlon flexlblllLy
llexlble sLafflng
8eslllence
nhanced cusLomer servlce
Benefits Foi Inuiviuuals
8educed Lravel Llme and cosLs
lmproved work opporLunlLles
8eLLer balance of work and famlly llfe
9arLlclpaLlon ln Lhe local communlLy
llexlble hours
C0NCL0SI0N:

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