Write a memo to Forward Style Inc. management to explain which of their offered benefits are required by law and which of the benefits are being used to attract employees. Also, include in your memo how the offered benefits affect the organization based on the above scenario. The company offers the following benefits:
- 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
- Family and medical leave of 6 paid weeks and up to 6 additional unpaid weeks.
TO: FORWARD STYLE, INC. MANAGEMENT
FROM: YOUR NAME
RE: EMPLOYEE BENEFITS
The following information is provided to assist you in understanding the legal ramifications of offering certain benefits and not others to your valued employees. Please pay close attention to those benefits which are required by law. Others which are below should be utilized solely to attract new employees.
BENEFITS REQUIRED BY LAW:
The following benefits are required by law and should be adhered to, with no exceptions:
A. Social insurance, including social security: As the employer, it is required by law that you be required to pay social security taxes on each of your employees.
B. Unemployment insurance: As the employer, you are required to pay for unemployment insurance for each of your employees, under certain conditions which vary from state to state. As the employer, if your business has multiple locations, in different states, you will need to contact the appropriate state agency to determine if you are not required to pay for the same.
C. Worker's compensation: As the employer, you are required by law, to carry workers' compensation coverage, at your cost, through an ...
The solution assists in writing an employee policy memo to Forward Style Inc. to explain which of their offered benefits are required by law and which of the benefits are being used to attract employees.