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Income Protection Benefits Analysis Essay

Essay Instructions:

There are four types of Income Protection Programs, Workers’ Compensation, Unemployment Insurance, Short- and Long-Term Disability Benefits and Life Insurance. Two are legally required by the Federal Government (Workers’ Compensation and Unemployment Insurance) but are administered by the states, with the differing state to state requirements. Employers take the primary responsibility for paying for these two programs. Short-Term and Long-Term Disability Benefits as well as Life Insurance are provided by the employer voluntarily.
Answer the following questions:
Workers’ Compensation (WC) is a no-fault insurance program that covers workers for a job-related accident or for a job-related illness. This is the case even if the worker is careless and exhibited unsafe behaviors causing the accident or illness. At the same time, employers who allow such unsafe behaviors to occur (or may even motivate such behaviors through incentive programs that emphasize speed over safety) have limited liability for the consequences as bad overall “state experience” costs all employers, both good and bad. In these cases, employers who are primarily responsible for accidents/illness are protected and those employers with better safety records can be penalized. Does that seem fair to you?
Should changes be made to the WC program to solve that problem? If so, what changes would you recommend? If you think no changes should be made to the current WC approach, explain why not?
As you think about WC, the benefits, its operation, and the issues that confront it, provide 3 HR opportunities that can help alleviate or lessen the WC problems and costs for an employer.
Most employers lay off employees for economic reasons. Economists now generally agree that laid-off employees with Unemployment Insurance are less likely to try to find work until their benefits have almost expired.
Do you agree? If so, explain why? If not, explain why not?
In your opinion, what responsibility, if any, should an employer have to support those employees it terminates? Provide 3 reasons for that responsibility or alternatively, 3 reasons why there is no need for the employer to be responsible for terminated employees.
Why do employers offer Short- and Long-Term Disability Benefits to employees, especially when many times the coverage is paid for by the employer and the employee, unless they experience a disability, does not appreciate the value of such programs? Provide 3 reasons why an employer would provide Short- and Long-Term Disability Benefits to its employees.
From your perspective, list and briefly explain 3 advantages as well as 3 disadvantages of an employer offering Life Insurance to employees as an employee benefit?
In many countries, Income Protection Programs (Workers Compensation, Unemployment Insurance, Short- and Long-Term Disability Benefits and Life Insurances) are run by the government and supported by taxes on citizens and businesses.
What 3 arguments would support and what 3 arguments would reject Income Protection Programs being provided through the U.S. Federal Government as they are in other countries?

Essay Sample Content Preview:

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Income Protection Benefits
Income protection is a case where tax payment and a free replacement of income due to inability to work because of unavoidable circumstances, for example, sickness or an accident. Income protection ensures the most significant assets, that is, income. The income protection benefits include; income protection insurance can be personalized, the income continues without going to work, the income protection quality might be tax-deductible (Palgrave Macmillan, pg. 335). The income protection is beneficial and can cover your job and enable you to hunt for a new job.
Changes should be made to the income protection program.
Workers’ compensation refers to a legislature for financial or salary reimbursement for employees with an injury at work. It can also be stated as a form of insurance that provides salary or wage replacement and health services to employees during the employment period. This replacement of wages is made possible when by the employer the amount from the third party. The workers' compensation should make changes because the conditions do not benefit all sides of the employees. An employee who is careless and causing an accident or illness should be rehabilitated because employees struggle as another employee causes accidents willingly. Indeed, it does not favor both of the employees. Therefore, the employer should ensure that those causes’ casualties knowingly should not be provided with the workers' compensation services.
Human Resource Opportunities That Help Alleviate Workers Compensation Problems
The human resource opportunities that can enable workers compensation costs and problems include; setting up a safety program. Creating a safety program can aid you in recognizing and eradicate work stations dangers that cause accidents. Setting up safety programs comprises; management leadership. Leaders should establish safety goals and objectives and communicate them to employees. The management team should offer adequate resources and then lead by example to follow (Entrepreneurship theory, practice, pg. 256).
. Other ways of setting up safety programs embrace hazard assessment and identification, hazard control and prevention, and educating and training employees.
Joining a professional employer organization can also help you avoid and alleviate worker's compensation problems by managing the relation with injured employees and resolving claims effectively when they transpire.
Build a return-to-work program. Worker's compensation problems and costs can be controlled by a building return to work program that can generate a complete cost advantage to the workers' compensation privilege.
Economist Agree That Lay Off Employees with Unemployment Insurance
I'm afraid I fully have to disagree because prerogatives for future entitlements if they find complete-time work before profits expire and employees were meaningfully less likely to receive benefits.
Actions that should be taken for a terminated employee should depend on the employer to consider employment agreements. Possible retribution allegations should be considered. The employer should also be responsible for early paym...
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