Legally required Benefits
As mentioned earlier, the law mandates certain benefits. This section discusses three benefits that fall in this category: social security, unemployment, and workers’ compensation benefits.
Social Security
Social security is a federally administered insurance system designed to provide funds upon retirement or disability or both and to provide hospital and medical reimbursement to people who have reached retirement age. Under current federal laws, both employer and employee must pay into the system, and a certain percentage of the employee’s salary is paid up to a maximum limit.
With few exceptions, social security is mandatory for employees and employers. Self-employed persons are required to contribute to social security at a rate higher that that paid by atypical employee, but lower than the combined percentage paid by both employer and employee. The payments distributed under social security can be grouped into three major categories: retirement benefits, disability benefits, and health insurance.”(หน้า 298-301)
Unemployment Compensation
Unemployment Compensation is designed to provide funds to employees who have lost their jobs through no fault of their own and who are seeking other jobs.
Workers’ Compensation
Workers’ Compensation is meant to protect employees from loss of income and to cover extra expenses associated with job-related injuries or illness.