Benefits And Benefits Of Employee Benefits - 1195 Words

Employee benefits coordinator play a significant role in Human Resource Management. Employee Benefits coordinators are responsible for assisting with employee benefits, maintaining employee data base, managing all insurance billings and maintain employee files, sick pay, vacation and retirement. This study explores the importance of employee benefits to corporations, government agencies and non profit organizations. This paper also researches the effects on the management team and on individual employees’. Case Study 2 When it comes to becoming a Benefits Coordinator there aren t any formal education or certification qualifications. Many Benefits Coordinators learn their craft through on the job learning/training. Some employers require†¦show more content†¦Health insurance is one of the major benefits that encourages employees to stay with an organization even in difficult situations. With health insurance companies attract and retain qualified employees. According to Optima Health (â€Å"Starting in 2015, employers with 50 or more full-time equivalent employees are required to offer affordable, minimum-value group health insurance. If they don’t, they may be assessed government penalties.† n.d.). There are other helpful health insurance benefits such as deducting 100 percent of their employees health insurance cost as a business expense. If the organization is incorporated the owner’s insurance cost is also deductible. But if it’s a small business with less than 25 employees, they may be able to receive a tax credit if they’re with a small group insurance. If there’s 50 or more employees the business is eligible for a larger group health insurance which offers lower rates. Also with employee health insurance employees have a bigger chance of being able to pay medical expenses. In addition to valuable benefit retirement saving plans are essential part of your future financial security. All employees are encouraged to save for retirement. Tax advantages are also accessible to business owners that offer retirement plans. All pension plans are either qualified plans or non-qualified plans. (The Pros and Cons of Offering Employees Retirement Benefits. (n.d.). â€Å"Qualified plans meet the requirements of the