Good Example Of Essay On Comp And Benefits
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Why would the government not tax us for the Employee Benefits we receive?
The US does not tax its army for the employee benefits it receives. The failure of the government to tax the army is due to the reason that the military officers work mostly in the combat zones. It is also because the government considers them as putting their life in danger, thus no need for their taxation (A.V.A , 2011).
As a percent of payroll, how much does your employer (US ARMY) pay for Employee Benefits?
There are various benefits that the US Army officers receive besides the basic salary. First, there are the educational benefits. These benefits include the Tuition Assistance, GI Bill, Education on Duty, Servicemember Opportunity Colleges, and others. Additionally, there is the advanced technical and specialty training, special deals on home loans, world travel, health and dental care for the officer and their families, Space A travel, 30 days of vacation per year, cash bonuses among many others. As a percentage of the payroll, the US Army pays a gross salary of $10, 420.40. Out of the pay, the benefits amount to $8,312.10. This translates to a percentage of 79.8% of the gross salary.
Explain the difference between a defined retirement plan and a contributory plan. Do you participate in either or both of these plans with your employer (US ARMY)? Explain.
A retirement plan is a financial plan or arrangement that is designed to replace the employment income upon reaching employment. The plans may be set up by different parties such as insurance companies, trade unions, the employers, the government or any other institutions. There is, as a result, the defined retirement plan and a contributory or defined contribution plan. The Defined Benefit Retirement Plan refers to a retirement plan that is sponsored by an employer by what the benefits are sorted out on a basis of a formula. The formula uses factors such as history of the salary and the duration of the employment. There are restrictions in most cases on when and how to withdraw the funds without being imposed penalties. On the other hand, Contributory or Defined Contribution Plan refers to a retirement plan whereby some quantity of money is provided aside every year by a certain company for the good of the employee. Also, there are restrictions on when and how to withdraw the funds. In most cases, there is no way through which one can know how much the plan will give the employee upon retiring. The contributed amount is usually fixed but the benefits are not. I do participate in the defined benefits plan. The plan is advantageous on the side of the employees but costly to the side of the employers. Some employers have started replacing it with defined contribution plan though I prefer the latter due to its great deal of benefits (Pride, Hughes, & Kapoor, 2013).
What kind of health care plan do you participate in? How much is your monthly premium? How much does your employer (US ARMY) pay monthly?
I do participate in the US Family Health Plan. It is an additional TRICARE Prime option that I enrolled. The monthly premium that I pay, for instance, for 2015 is $208. The employer doesn’t pay anything. It is the employees who pay (A.V.A , 2011).
Do you agree that employees take Employee Benefits for granted? Explain your opinions. If you don’t know ask your co-workers.
Yes, I do. I do agree that employees take the benefits for granted due to some reasons. First, they spend most of the money benefits on things that are not of benefits to them. It includes spending most of the money for entertainment, instead of productive work. Also, they spend the benefits such as the vacation on things or with people who are not so important (Pride, Hughes, & Kapoor, 2013).
Has your employer (US ARMY) taken any action to help employees have a greater appreciation for their Employee Benefits? If yes, what specifically have they done?
Yes, the employer has taken various steps towards making the employees realize the importance of the benefits. They have been holding awareness campaigns and workshops about the issue. They have been explaining why the employees should use the benefits of bringing a change in someone’s life.
Has your employer (US ARMY) taken any action to help and encourage you to be a better health care consumer? If yes, what specifically have they done?
Yes. The US Army are trying to encourage us consume better the health care. For instance, they encourage us on enrolling for the health plans. They do this by explaining to us the importance of such plans. Additionally, they advise us to go for regular medical checkups and examinations. They say that this can help us lead healthy lives. Additionally, the US ARMY does encourage its officers to lead active lifestyles that cannot lead us to contracting diseases. Although, we do keep our bodies active, there is a tendency of some of our colleagues using foods that can make them contact lifestyle diseases. All in all, they do actively encourage us to be better health consumers (Pride, Hughes, & Kapoor, 2013).
How competitive is your employer’s (US ARMY) Employee Benefit package? Explain.
The US Army Employee Benefit package is one of the best in the world. It is in fact ranked as the best employee benefits package. The package contains life insurance, health care, vacation, additional incentives, education benefits, soldier and family services and other services after serving in the army. The benefits account for almost 80% of the total salary the officers in the army receive (A.V.A , 2011).
How might an employer effectively increase the perceived value employees place on their Employee Benefit package?
The employer can increase the perceived value that employees place in the Employee Benefit Package. It can do this by encouraging the employees to utilize the benefits effectively and wisely. This can be investing in various businesses, real estate, education among others. Also, they can change other unfortunate people’s lives. Additionally, the employer can advise the importance of receiving such benefits. It can also conduct a study, and where possible recommend some increments in the benefits.
In conclusion, there are various benefits that the US Army employees receive. The benefits are some of the best in the world. The employees can also register for health plans. They can additionally learn of the best practices in the utilization of the benefits.
A, V. A. (2011). Federal Benefits for Veterans, Dependents and Survivors, 2011. Atlanta: Government Printing Office.
Bascetta, C. A. (2005). Military and Veterans' Benefits: Enhanced Services Could Improve Transition Assistance for Reserves and National Guard. Collingdale: DIANE Publishing.
Pride, W., R. Hughes, R., & Kapoor, J. (2013). Business. Boston: Cengage Learning.
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