Employee Benefits Required By Law
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|Employee Benefits Required By Law
Employee Benefits Required by Law
The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide. These benefits include employer contributions to Social Security, unemployment insurance, and workers’ compensation insurance. Altogether such benefits represent about twenty-one and half percent of payroll costs.
Social Security is the federally administered insurance system. 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. Social Security is mandatory for employees and employers. The most noteworthy exceptions are state and local government employees.
The Social Security Act was passed in 1935. It provides an insurance plan designed to indemnify covered individuals ag...
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