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Money Smarts
Chapter 19 Money Smarts: Employee Benefits
Federal law requires employers to contribute
to certain programs on behalf of their workers. For example,
Social Security and Medicare contributions are required by
federal law. However, employers can offer a variety of benefits
that are not required by law. Many businesses rely on employee
benefit programs to attract and retain good employees.
The U.S. Small Business Administration
(SBA) provides guidance to small businesses nationwide. Go
to SBA’s Starting
Your Business.
Read the article and answer the following
questions.
- What is an employee benefit plan?
- What are some benefits that a comprehensive employee
benefit plan may include?
- What do you think is meant by “cafeteria plans”?
- Why should a business offer employee benefits?
- “A benefit plan is an integral part of total compensation.”
What does this mean from the employee’s point of view?
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