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When Does It Make Sense to Offer Employees a Retirement Plan?
Employee benefits are benefits offered to employees from employers, such as health insurance, disability insurance and a retirement plan, to name a few. Benefit plans can add approximately 30 to 40 percent cost to the base pay of most employees. However, offering employee benefits can shape a company’s culture and affect employee retention -- as well as the quality of talent attracted to a business. Some benefits are mandatory by federal law and some aren’t -- but are deeply important to employees.
Small businesses: Often times, small-business owners believe they can’t afford to offer employee benefits -- and with good reason. However, currently the Affordable Care Act subsidizes the cost of medical insurance for businesses that have fewer than 25 full-time employees.
Here are some employee benefits that are required by law:
- Time off to vote, serve on a jury and perform military service.
- Compliance with all workers' compensation requirements.
- Compliance with the Federal Family and Medical Leave.
