report 506 chapter powerpoint presentation

sociology of education report about education powerpoint presentation

1. THE MANAGEMENT OF EMPLOYEE BENEFITS AND SERVICES

2. Fringe Benefits are non-monetary compensation that is not covered by regular salaries, wages, bonuses and other types of cash compensation. It is anything that contributes to the improvement of the conditions of work, and that motivates the employees to do good work. They are additional compensations that the employees receive regularly at an interval stipulated in the company policies and guidelines.

3. Objectives in Granting Fringe Benefits: To provide additional protection and comfort to their employees and their families as they consider them as members of the team. To maintain and develop employees as an effective work force duly committed to their corporate mission and vision. To develop productive and happy employees and develop greater loyalty and commitment to motivate them to remain in the employment of the company. To develop greater partnership in the development of quality products and services to their customers and clients. To develop satisfied employees and more concerned workers to avoid activism in the workplace that will interfere with company production. To develop partnership with labor unions and employees' associations.

4. The Governing Philosophy in Granting Fringe Benefits Company benefits should be based on the financial conditions and the capability of management to pay additional cost of operations, as benefits granted cannot withdrawn when already granted. Benefits granted should not interfere with company operation and management has the prerogative to control the same. Benefits should be fair to all employees of equal rank and position, and should be capable of uniform implementation.

5. The Governing Philosophy in Granting Fringe Benefits 4 . The benefits must have mutual value to both employers and the employees concerned. 5. The employee must understand the costs benefit implementation and they should work hard so that the company will maintain its ability to pay the added fringes . 6. Benefits must be measured in terms of employees' services to the company. While benefits should be uniformly implemented, there must be a measurement in the policy guidelines on those who should receive the benefits

6. The Governing Philosophy in Granting Fringe Benefits 7. Benefit programs should be a cooperative effort of top management and employees .

7. The Classification of Benefits Benefits could be classified under the following: 1. Statutory Benefits - are benefits mandated by law such as: a. 13 th month pay given half in June and half in December b. Five-day incentive leave c. Birthday leave d. Maternity leave with pay for married women e. Paternity leave with pay when husband's wife gives birth f. Pag- ibig Fund - housing loans through employer-employee contributions

8. The Classification of Benefits g. Medicare Fund - for medical expenses of employees and dependents h. Social Security Benefits - retirement, pension, death, burial, disability, sickness, medical rehabilitation, employee compensation in case of accident in the performance of work i . Cost of living allowance

9. The Classification of Benefits Benefits could be classified under the following: 2. Company Benefits - These are benefits granted by the company outside of those mandated by law. These benefits could be through a collective bargaining agreement and those that are given unilaterally by management. a. Vacation leave with pay this varies from company to company b. Sick Leave with pay c. Bereavement leave d. Hospitalization plan

10. The Classification of Benefits e. Sickness and accident insurance plan f. Life insurance and pension plans g. Christmas and mid-year bonus h. Housing equity assistance i . Educational plan j. Recreational and fitness facilities k. Legal aid l. Car plan m. Company Service and transportation

11. The Classification of Benefits n. Stock option plan o. Management Bonus p. Emergency leave q. Personal leave r. Union leave s. Production sharing plan t. Profit-sharing

12. Profit-Sharing Plans Profit-sharing is an incentive plan under which an employer agrees to share with his personnel a specified portion of the net profits of his business at the end of each fiscal period or over a given period.