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The employee benefits programs in the United States affected by demographic changes in the American workforce.

Press Release   •   Sep 26, 2014 19:02 IST

Mumbai India– September 22, 2014 – In any legally undertaken business operation, the provision of employee benefits is a must, in order to not only insure the economic stability of individual employees, but also to promote the economic stability of the nation as a whole. The American employee benefits system promotes economic security and welfare of American families so as to raise the standard of living, by ensuring that people have access to certain basic services. In the USA, the employee benefits system is formed through a collaborative partnership among three parties – the government, the individuals and the businesses.

This report, Employee Benefits in the US, provides a detailed overview of the employee benefits schemes in the United States, along with meticulous insights on state and compulsory benefits provided, as well as private benefits in the US. The report analyzes the schemes and programs on an industry-wide basis, and shares a detailed report about the regulatory framework, including the recent regulations that have been implemented.

Employee Benefits Programs: Overview

Employment based benefits in the United States such as health and retirement insurances are voluntarily provided by American businesses. The government extends its support to these employee benefit schemes by making all such provisions tax-free for both the employer and the employee. However, there are also a set of benefits that have been made mandatory by the government, keeping the American citizen’s well-being in mind – especially the Social Security system, which in itself covers about 90% of the total workers employed in the States. Other mandatory benefits include workers’ compensation, family and medical leave and unemployment insurance. The government of America further extends their support towards financial security of individuals through several other programs like individual retirement accounts, tax-friendly life insurance policies as well as tax-free death benefits.

Both the state sponsored benefits as well as the private benefits represent a commitment made by the American government to its people, to assure their economic well-being and access to certain services – especially medical –to all its active workers including those who are displaced or disabled, as well as the retirees and their families. However, in the current scenario, the design and provisions of these benefits programs are by and large influenced by the significant demographic changes that the American workforce has gone through. An ageing population, ensuring flexible benefits schemes that help balance work and family are some of the key challenges this sector is currently facing.

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