Forward Style Inc. Employee Policy Memo Research Paper

Forward Style Inc. Employee Policy Memo - Research Paper shellWith this in mind, Forward StyleInc. has established a robust employee benefits plan that integrates benefits desired by fairness and optional ones aimed at attr figureing and retaining employees. Below is a comprehensive coverage of required and optional benefits. Benefits required by law Social insurance, including fond security, un barter insurance, workers compensation Federal and cite laws require all(a) employers to provide social insurance to their employees. Under this law, employers and employees are required to pay the same rate of social security taxes. Social security insurance aims at ensuring that employees unable to work, owing to a medical examination condition, assimilate monthly benefits to meet their everyday needs. Conversely, federal laws require companies to pay unemployment insurance, which is a form of compensation offered to workers whose employment is terminated by no fault of their own. St ate unemployment insurance programs provide unemployment benefits (monetary payments) for a specified eon until the employee finds new employment. State laws typically dictate eligibility, eon of benefits and benefit amounts payable to unemployed workers (US Department of Labor, 2012). Lastly, state compensation laws require employers to provide workers compensation insurance coverage to ensure that workers who fall sick or are injured on the job receive compensation. Such benefits include payment of medical bills, as well as payment for lost earnings. However, workers compensation is only two-thirds of an employees salary. Family and medical leave of 6 paid weeks and up to 6 additional unpaid weeks Federal laws also require employers to provide their employees with family and medical leave under the Family and Medical Leave Act (FMLA), ratified in 1993. The act is applicable to workers who have been employed at to the lowest degree one year and have worked for at least 1,250 hou rs in the last year. The Act warrants employees to receive up to 12 weeks of job-protected, albeit unpaid leave. However, this duration applies for any 12-month duration and covers the following reasons pity of a workers serious health condition birth and care of an employees child or foster child, and care of a close family member, for instance, a parent, spouse or child with a severe health condition. Under FMLA, the company is also required to provide collection health benefits throughout an employees leave as if the worker continued working rather than victorious leave. FMLA is applicable to offstage workers with more than 50 employees (Conison, 2008). Disability insurance Several territories and states, including Rhode Island, New Jersey, California, New York and howdy command businesses to offer insurance coverage to cover partial wage replacement for eligible employees for non-work injuries or illnesses (US Department of Labor, 2012). Disability insurance is taken with l ocal insurance companies. In other territories and states, employers are non required to offer disability insurance. These programs, however, provide short-term benefits, which are typically low amounts. Optional benefits snobbish retirement plan Although the federal government provides a wide array of resources with the aim of assisting organizations find a well-suited private retirement and pension plan for their employees, the government does not require employers to establish a private retirement plan. Forward Style