...Social Security Systems in the Netherlands From decades social security policies are in question all across Europe. Moreover, the future expectations of changes in the social security systems due to the variations in household structures and ageing of the society bear new social security systems. As most of the European countries the Netherlands, had a substantial growth in the 1960s. After the oil crises, the economy of the Netherlands worsened. Despite the successful creation of a large number of new jobs in the 1980s the growth of unemployment continued and remained persistent in character and still today. However, the social security system in the Netherlands is not alike to the 1970s and 1980s. The Dutch government expenditure on social benefits is characteristic of the well-developed welfare states - at 27.4 percent it is now above the EU average of 22.9 percent. It is among the high taxation countries and over average GDP per capita. Public employment is low and it has one of the lowest poverty rates. The extraordinary level of economic growth of the 1960s created the economic surplus in the Netherlands but by the world’s two oil crisis in the early 1970s the economic climate started to deteriorate. A stunning increase of unemployment in the late 1970s provoked a policy of labor cost reduction and cuts in the social security budget. It was believed that an increase in the real wages and social benefits would imply a further rise of unemployment. Moreover, it was...
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...(for employees and eligible children of employees), Life Insurance (basic and supplemental life and AD&D insurance, and life insurance for dependents), Disability Insurance (short- and long-term disability and workers' compensation), Lifestyle Support (such as child care, EAP, transportation, banking, paid time off, and other benefits). In our research paper we will explore how some of these benefits affect the social, political and ethical areas of Great Britain and Australia. Life Insurance Human resource is a very difficult subject. It has so many different aspects to cover. The manual for human resource is so long but every area is important and has to be covered. Benefits are what every employee looks forward when looking for a job, though I believe many applicants don’t ask the question about life insurance. Life insurance is a touchy subject but I believe that every person should be insured for themselves and their loved ones. Not being covered whether it’s with or without your companies can leave financial hardship on your loved ones when you’re gone. Group life insurance exists just about everywhere. It’s a single policy that allows many members of an organization or employment group to purchase a life insurance policy with competitive wholesale premiums rates, offering minimal or no medical underwriting along with simple administration provided by a broker. The main benefit of group life insurance is to cover the lives...
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...devise a memo for Forward Style, Inc.’s management. The company offers benefits, such as Private Retirement Plan, Medical insurance, Disability insurance, Social insurance, including Social Security, Unemployment insurance, Worker’s Compensation, Pay for time not worked, Stock options, Child Care, and Family and Medical Leave (FMLA) of 6 paid weeks and up to 6 additional unpaid weeks. After reviewing and evaluating the company’s incentives and benefits program, I will determine if legal requirements are being met by the company. I will accurately identify and explain which benefits are legally required and which benefits are being used to attract employees. Additionally I will explain how the offered benefits impact the organization. Employee benefits are important to most employees. Therefore, benefits an employer offer can be a deciding factor for a potential employee in deciding whether or not to work for that company. According to the U.S. Small Business Administration, there are two types of employee benefits, such as benefits employers are required by law to provide and benefits that are optional for an employer to offer and or provide. Examples of required benefits include unemployment insurance, workers' compensation, and social security, whereas optional benefits include health stock options, child care, retirement benefits, and health care insurance coverage (The U.S. Small Business Administration, n.d.). Memorandum To: Forward Style, Inc. Management CC: Human...
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...the advantages and disadvantages of using top management’s perception to design an employee benefit plan? What is the life-cycle approach’s main recognition? What is the work-life approach’s main recognition? What are some of the methods used by employers to control costs? How could self-funding control costs? What methods do employers use to communicate employee benefits information to employees? What factors influence the outsourcing of employee benefits? What is meant by outsourcing serving as a “buffer” function? Chapter 3: Social Security and Medicare Why does social insurance exist? What are some of the characteristics of social insurance? What benefits are included in the Social Security program? (OASDI) What are the tax rates for Social Security and Medicare? What is the wage limit for Social Security? What is the wage limit for Medicare? How does the “employer match” work? How does one qualify for Social Security benefits? How many credits must one have...
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...Social Insurance Social insurance funded programs include Social Security, Worker’s compensation, Medicare, and unemployment benefits. Each of these programs is funded by a portion of a person’s check. A certain amount is taken out of each check and put in an “account” for future use. Some of these programs even include a match payment made by the employer. This is mostly used for Social Security. The benefits from each of these programs are used in the event of a future time of unemployment. The benefits from Social Security are used when a person is old enough to retire. Worker’s compensation benefits are available to workers that have been hurt on the job and are no longer able to work for a certain amount of time. Benefits that are available when a person is unemployed are only available if the person is terminated by no fault of their own. I have found that there is one major drawback to social insurance; the growth in our population. With an increase in population and a decrease in the job market, it is harder for people to go back to work when they have been laid off. Our economy at this point is still unstable. With more and more workers joining the workforce each day and our jobs being sent overseas it is easy to see the drawback to social insurance programs. The one drawback for Social Security according to Chambers & Wedel (2005) is that if we are to make it to the projected year of 2040, those who are in workforce will be forced to provide a higher amount...
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...Name Tutor Course Date Article 1 Strategies for economic prosperity Mark Whitehouse and Greg Ip. July 29, 2006. Economic growth Mark Whitehouse and Greg Ip in their article on economic growth explain on the price rise as well as on growth slow. Explains that during economic expansion, prices and wages are increasing, a potentially noxious mix for a Federal Reserve will try to contain inflation without triggering a recession. According to an advance estimate made by the commerce department economic activity slowed as a result of builders putting up fewer homes and consumers cutting on spending. Economists explain that slowing growth and rising prices will continue to complicate Fed’s task of deciding what level of interest rates is high enough to contain inflation. However, it’s not so high to slay out economic growth. Between April and June inflation grew at a rate of 2.5% whereas the core personal consumption index rose at an annualized rate of 2.9% in the second quarter. More so the level of worker’s wages and benefits rose at 3.6%. Once the Friday report was released investors took up the vision that Fed would be more likely give the economy a break by holding the interests steadily at 5.25%. This report confirmed the predictions of the economists that cooling house market as well as the consumer spending will take a bite out of economic growth. However, some economists had the hopes that business investment as well as improving the foreign trade would offset...
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...to a minimum wage.” (www.dol.gov/whd/flsa) It also started “the forty-hour work week, established a national minimum wage, guaranteed ‘time-and-a-half’ for overtime in certain jobs, and prohibited most employment of minors in ‘oppressive child labor.’” (Wikipedia) Provides enterprise and individual employee coverage. Federal Insurance Contributions Act (FICA) – an employment tax that “imposes two taxes on employees and two taxes on employers.” These taxes fund old-age, survivors, and disability insurance program (OASDI) and hospital insurance (HI). (Textbook) The FICA “tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers.” (Wikipedia) This act requires “12.4% of earned income up to an annual limit must be paid into Social Security, and an additional 2.9% must be paid into Medicare. That limit is $113,700 for 2013.” There is a cap for Social Security tax, but for Medicare taxes there is not an earned income limit. Therefore, if you do not have to pay the social security tax, you are still responsible for the Medicare tax. “If you're...
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...transition process: Heuristical tool 8 1.3 Differences between start-ups: Dependent employee versus other types 10 1.4 Demarcation 11 1.5 Contents of the report 12 2 Entrepreneurship in the EU 15 2.1 Facts and figures 15 2.2 Entrepreneurs in the EU 20 2.3 Previous experience of starting entrepreneurs in the EU 24 3 Synthesis 31 3.1 Introduction 31 3.2 Legal definition of self-employed 31 3.3 General requirements related to start-ups 33 3.4 Financing the start-up of a business 34 3.5 Insolvency and seizure procedures 35 3.6 Social security systems in general 35 3.7 Social security: Unemployment 36 3.8 Social security: Sickness 39 3.9 Social security: Disability 40 3.10 Social security: Medical costs 40 3.11 Social security: Old age 41 3.12 Social security: Pregnancy and child care 42 3.13 Taxation 43 3.14 Labour Law 44 3.15 Private labour contracts 44 3.16 Miscellaneous topics 45 3.17 Hiving-offs 46 4 View of the obstacles in each Member State 49 4.1 Belgium 49 4.2 Denmark 51 4.3 Germany 52 4.4 Greece 53 4.5 Spain 54 4.6 France 55 4.7 Ireland 56 4.8...
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...CHAPTER 11 CURRENT LIABILITIES AND PAYROLL 1 EYE OPENERS 1. A discounted note payable has no stated interest rate, but provides interest by discounting the note proceeds. The discount, which is the difference between the proceeds and the face of the note, is the interest and is accounted for as such. 2. a. Income or withholding taxes, social security, and Medicare b. Employees Federal Income Tax Payable, Social Security Tax Payable, and Medicare Tax Payable 3. There is a ceiling on (c) the social security portion of the FICA tax and (d) the federal unemployment compensation tax. 4. The deductions from employees’ earnings are for amounts owed (liabilities) to others for such items as federal taxes, state and local income taxes, and contributions to pension plans. 5. Yes. Unemployment compensation taxes are paid by the employer on the first $7,000 of annual earnings for each employee. Therefore, hiring two employees, each earning $12,500 per year, would require the payment of twice the unemployment tax than if only one employee, earning $25,000, was hired. 6. 1. a 2. c 3. c 4. b 5. b 7. The use of special payroll checks relieves the treasurer or other executives of the task of signing a large number of regular checks each payday. Another advantage of this system is that reconciling the regular bank statement is simplified. The paid payroll checks are returned by the bank separately from regular checks and are accompanied by...
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...Comparison of Unemployment Policies with Other Countries (Their Effects and Results) Unemployment policies refers to those procedures that are put in place and are to be followed incase employed individuals loses their jobs. These kinds of policies are more common in developed countries and are meant to caution individuals from unexpected loss of their monthly income (Tanner 2003). The state may be directly involved in the administration of such policies or may authorize another organization to administer the policies. The benefits from unemployment policies depends on the country one resides and in most cases the policies are flexible implying that the benefits could only be covering the basic needs or may compensate the an individual proportionately according to previous monthly income. In Canada, the state has authorized services Canada which is under the supervision of minister of human development and social development Canada to administer the policy fund. The policy was previously known as unemployment insurance but was renamed to employment insurance in 2011 so as to eliminate the negative effect associated with the name. According to the insurance policy that is provided by the employment insurance an employee is required to pay premiums of 1.78% of the amount expected to be received in case they lose their jobs. The employer is also obliged to pay 140% of the amount contributed by employee towards the employee employment policy (Mendelson & Battle 2011)....
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...English Includes Social Security. 006 American Government-Economics Most of the problems of the United states are related to the economy. One of the major issues facing the country today is social security. The United States was one of the last major industrialized nations to establish a social security system. In 1911, Wisconsin passed the first state workers compensation law to be held constitutional. At that time, most Americans believed the government should not have to care for the aged, disabled or needy. But such attitudes changed during the Great Depression in the 1930's. In 1935, Congress passed the Social Security Act. This law became the basis of the U.S. social insurance system. It provided cash benefits to only retired workers in commerce or industry. In 1939, Congress amended the act to benefit and dependent children of retired workers and widows and children of deceased workers . In 1950, the act began to cover many farm and domestic workers, non professional self employed workers, and many state and municipal employees. Coverage became nearly universal in 1956, when lawyers and other professional workers came under the system. Social security is a government program that helps workers and retired workers and their families achieve a degree of economic security. Social security also called social insurance (Robertson p. 33), provides cash payments to help replace income lost as a result of retirement, unemployment, disability, or...
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...Debbie Nahom Post University Policy Analysis- Unemployment Insurance Policy Historical Background Unemployment benefits are in place to provide temporary funding to help individuals and families to survive during unemployment. The policy analysis model will be used to review all aspects of the policy, including historical origins, strengths, and weaknesses, as well as how the policy has succeeded or failed in reaching the goals it was created to achieve. The origins of unemployment benefits date back to the 1700-1800s, when Switzerland and other European countries established voluntary benefits programs to aid those in need. Even the state of Wisconsin, in the early 1930s, had a voluntary unemployment benefits program, however the United States as a whole did not officially enact the unemployment benefits program until August of 1935 in response to the devastating effects of the Great Depression (DeWitt, n.d.). The Great Depression, one of the most devastating recessions the country has seen, caused more than 25% unemployment rate and had both federal and local governments spending over a billion dollars in relieve funds (DeWitt, n.d.). Legislatively, some efforts had been made over the years by the federal government as well as individual states, to address the problem of unemployment. Bills were introduced in 1916 and 1922 by states such as Connecticut, Massachusetts, Minnesota, New York, Pennsylvania, and Wisconsin, and finally...
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...Group Name: The Corporate (A) SL. No. | Name | ID No. | 01 | Md. Saiful Islam | 104821 | 02 | Lenin Azad Polash | 104831 | 03 | Md. Whahiduzzaman Robin | 104865 | 04 | Rafiul Islam Chowdhury | 104965 | 05 | Md. Nazmul Hasan | 105043 | Letter of Transmission April 28, 2013 Md. Mosharraf Hossain Chairman Department of management studies Jagannath University, Dhaka. Sub: Submission of Assignment in “Employee Benefits of Walton (company)”. Dear Sir, We are very happy that we have been able to submit the assignment you have assigned to us. The assignment was to prepare the “Employee Benefits of Walton (company)” on the course named “Human Resource Management” as part of our academic activities. For the purpose of preparing the assignment we had to have an in-depth knowledge on Employee Benefits and the company Walton as well. This was the first ever opportunity for us to gain proper understanding to Employee Benefits and working on it over a company ever as such practical knowledge. Thank you for giving us the opportunity to learn the real life practice & increase the knowledge on Employee Benefit on the course “Human Resource Management”. Sincerely Yours Group Name : The Corporate (A) Section : A Department of Management Studies Jagannath University, Dhaka Table of Content Title | Subtitle | Page | Introduction | | vi | Background | Background of Bangladesh Small and Cottage Industry | vii | Definition | Definition of SME given...
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...climate of the times and the federal response shifted the way Americans perceived the government. This paper closes with the results of the New Deal and how it shaped the future economic aspects of America. TABLE OF CONTENTS PAGE I. INTRODUCTION………………………………………………………4 II. PROGRAMS DESIGNED TO COMBAT UNEMPLOYMENT……….4 III. PROGRAMS DESIGNED TO BOOST THE HOUSING MARKET…..7 IV. PROGRAMS DESIGNED TO IMPROVE TH GENERAL WELFARE………………………………………………………………8 V. CONCLUSION………………………………………………………….9 VI. REFERENCES…………………………………………………………..10 INTRODUCTION The Great Depression had an extremely large impact on the United States economy during the 1920’s through the 1940’s. The gross domestic product (GDP), in current dollars, hit a low of $56.4 billion. Government expenditures and investments were about $8.7 billion during this time. The unemployment rate skyrocketed to 24.9% in 1933. Also, in 1932, the Dow Jones Industrial...
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...Future Social Security and Medicare Users The deficit in the U.S. federal budget is caused by the higher government expenses than the revenues collected for the year. Every year, the deficit in the budget increases the debts greatly as federal government gets loans to meet the deficit in the budget. A form of the loans got by government is the funds, got by social security trust funds and received as government account securities. Government deficits are not affected greatly by these loans as they are in the possession of government, but the baby boomers near their retirements might be affected. At their retirement, people requests for retirement incentives and other benefits that decreases the fund of social security. The funds for older people and social security funds or disability insurance and the insurance trust fund of survivors are not included in the budget of government and obviously not taken as revenues. Department of Treasury is responsible for dealing with these funds under a different account and keeping record and monitoring the funds in and out flow of the funds account of the trust. Moreover, with monitoring funds, the trust also gives automatic disbursement and expending power to play incentive and other welfares to retire-employee (old age) recipients on monthly basis, their families, and to families of late insured employees” (Social Security, 2011). Unemployed Individuals Individual employees are affected by the U.S. deficits, surpluses, and debts...
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