Compensation and Benefits System: Apple Inc. Perspective

Compensation and Benefits System: Apple Inc. Perspective

Introduction

Most employers are not required to offer their employees benefits related to health care, although the practice of providing it is common in many companies and neogocios. However, once an employer provides medical coverage, employees get benefits for sickness, maternity, invalidity, death and accidents, occupational diseases subject to certain conditions (Ivancevich & Konopaske, 2012). This paper aims to discuss the worker's compensation benefits policy.

Insurance program for employees is a major part of the compensation package. Employees are attracted towards a company who is offering a competitive compensation package which also includes medical insurance. In fact, Health care economics is related to the study of demand and supply of health care services (Henderson, 2009). It helps in determining the level of health care services consumed in a country or region. Around the world, health care economist strives to evaluate and achieve an optimal level of utilization of health care services at which both the workers and employers are entertained with the highest level of satisfaction.

Discussion

Who is Covered

As an employee, the individual is attached to the general Social Security plan and is affiliated with the Health Insurance Fund of their place of work. No doubt, employees have rights to health insurance that include maternity, invalidity, death, accidents at work and occupational diseases, but all categories are subject to proof of a minimum number of hours or a certain amount of premiums over time (Ivancevich & Konopaske, 2012). To be entitled to receive health benefits in case of sickness, accident, maternity, employees must prove that they:

have worked at least sixty hours, or have paid on a salary at least equal to sixty times the amount of the minimum hourly wage for a calendar month or thirty days;

or have worked at least 120 hours, or have paid on a salary at least equal to 120 times the amount of the minimum hourly wage for three calendar months or a quarter;

or have worked at least 1200 hours, or have paid on a salary at least equal to 2030 times the amount of the minimum hourly wage for twelve months.

If the family physican of employee prescribes a work stoppage, he/she can receive per diems. The requirements depend on the length of their absence from work are discussed and the day of the work stoppage (Martocchio, 2010). To be entitled to per diem for the first six months off work, employees must prove that they:

have worked at least 200 hours during the three calendar months preceding quarter or a work stoppage;

or have paid on a salary at least equal to 1015 times the amount of the hourly minimum wage in the six months prior to the work stoppage.

When you stop working without interruption extends beyond six months, to be entitled to daily allowance, you must prove:

be registered with the Social Security for at least twelve calendar months from the date of work stoppage;

have worked at least 800 hours during the ...