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Essay / Research Paper Abstract
The cost of employee benefits, such as payment for prescription drugs and healthcare is increasing. This 4 page paper looks at how companies are dealing with this, such as measures to limit cover, or degrease cover, increasing the level of the contribution from the employee, looking for other areas of cost cutting or ending the benefits altogether. The bibliography cites 5 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEERcosts.rtf
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Unformatted sample text from the term paper:
of the benefits will be mandatory, in the same way minimum wages will be prescribed by law where there is minimal wage legislation. Mandatory benefits include the provision of holiday
payments, time of on public holidays and workers compensation insurance or if this is not provided for the firm to be self insured. There are many other benefits that
employers may offer their employees but these are the employers choice. They may be expected in order of the employee to take a job, needed as an incentive. The value
to the employee may also be higher than the equivalent cost in a pay check and be cost effective for an employer. The cost of the benefits have been
increasing, main benefits such as the payment for prescription drugs and the provision of medical are two examples. These are increasing at a rate well above inflation and as such
employers are seeing their healthcare costs increase and as a result, they are looking to cut costs. The use of different sourcing
has been one approach. For example 85% of employees will take up this benefit which was seen to increase in costs by 15.4% in 2003/4 (Anonymous, 2004). The approach has
been to look for new ways of satisfying the same needs, such as the use of generic drugs and the need to make use mail order suppliers which can supply
the same drugs at lowers costs. Another area of increasing costs is health insurance (Anonymous, 2006). Over the last 5 years health
insurance costs have increased by 60% (Kingsbury, 2006). The costs of healthcare are often shared with the employee. One approach has been to shift the burden of costs with the
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