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Benefits Program

In: Business and Management

Submitted By Nathan1978
Words 1505
Pages 7
Benefits Program
A benefit plan that includes the following benefits is personally appealing to me:
1. Health (other than dental or vision)
2. Life insurance
3. Dental
4. Vision
5. Temporary disability (accident and sickness)
6. Long-term disability
7. Code Section 125 (premium conversion, FSAs, cafeteria plans)
8. Dependent care (either through a facility or by reimbursement)
9. Supplemental unemployment
10. Prepaid legal
11. Severance pay
12. Apprenticeships and training
13. Scholarship (funded)
14. Death benefits other than life insurance
15. Educational assistance programs
16. Group legal services plan
In addition to common benefits like vacation pay, holiday pay or overtime premium pay. I work in the public sector so comparing the public sector-versus-private sector taking into consideration the compensation cost of lifetime compensation public-versus-private sector pay and benefits. When total compensation is based on years worked the divide between the public and private sectors increases significantly. While preretirement compensation levels were comparable between the two sectors the retirement benefits of public sector employees are far greater than their private sector counterparts.

These postemployment benefits earned over a lifetime led to the higher total compensation for the public employee. Part of the reason total lifetime compensation is more for the public employees (both with and without social security benefits) when compared with their private sector counterparts is twofold: Public employees are able to retire on average 5 years earlier than their private sector counterparts; and there were more generous retirement payouts in the public sector. In addition, the retirement benefits of public sector employees significantly outpace benefits received for their private sector counterparts. Increased benefits for the public

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