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Hr Benefits Package This Paper Is A Hypothetical Benefits Package For An Assignment In Human Resource Management.

713 words - 3 pages

Benefits PackageThe SMC Company has traditionally only provided government mandated benefits. The company has determined that in order to attract and retain qualified employees that the must begin to provide additional employee benefit plans.Health & Welfare PlansThe SMC Company understands the importance of having a healthy work force. The Human Resources Department recommends that the company begin to offer a Medical Insurance Plan to its employees. The company will fund the total cost of the employee's coverage and will allow employees to enroll their dependants, subject to the provisions of the insurer, with the total premium cost of dependent coverage funded by the employee. The coverage for employees will become effective upon completion of 3 months of employment. The plan design is currently being constructed and the cost of the plan design will be in accordance the allowable annual capital expenditures budgeted.The SMC Company will provide Employee Life insurance in the amount of 2 times the annual base salary of employees.The SMC Company will provide Long-Term Disability insurance that will provide 66 2/3 of base pay upon employees satisfying the disability requirements as set forth be the insurer.The SMC Company will provide a Section 125 Plan to allow employees to pay any portion of Medical premiums on a pre-tax basis. The Section 125 Plan will also provide flexible spending accounts for out of pocket medical and childcare expenses.Pension PlanThe SMC Company will implement a 401(k) and Profit Sharing Plan. The company will match up to 3% of any employee contribution not to exceed mandated limits. In addition to the matching contribution, and upon the discretion and approval of the CEO, the company will contribute an additional contribution based upon pre-stated performance goals and profits gained by the company.Executive BenefitsThe company will incorporate an additional benefit to reward and retain their key employees. The company will provide a Section 457 Deferred Compensation Plan for their department directors.Workers CompensationSMC has workers' compensation insurance coverage to protect all employees who are injured while working for SMC. An employee or someone acting on the employee's behalf must notify the appropriate...

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