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Where does the money for employee benefits come from?
I've been researching for a debate I have and I ned to know, does the insurance that comes from an employee's benefits package, as in the money you're given if you have some sort of accident, come from the company, or does the company simply pay the insurance? Does it have any effect on other employees?
1 Answer
- RangerLv 71 decade agoFavorite Answer
You are talking about Workmans Comp, sometimes called State Accident Insurance Fund (SAIF). It is a mandatory insurance policy the business owner must carry on his employees. He pays a monthly premium that is based on a percentage of the employees wages, and the type of job the employee has.
The more dangerous the job, or the higher the wages, the more the monthly insurance premiums cost. That is because the more dangerous jobs have a higher rate of people being injured and collecting the insurance benefits. The higher the employees wages, the more benefit the employee receives when injured.
SAIF is mandated by law because at one time employers had employees doing dangerous jobs, and then fired them when they got hurt and couldn't work any more. The employee couldn't pay for medical care or pay for food or rent, or support their families.
