We can work on Mandated and voluntary benefits.

Distinguish between mandated and voluntary benefits. Provide and discuss three examples in each category.

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Sample Answer

Mandated benefits are those that employers are required to provide to their employees by law. These benefits are typically designed to protect employees and their families from financial hardship in the event of illness, injury, unemployment, or retirement.

Voluntary benefits are benefits that employers are not required to provide by law. These benefits are typically offered as a way to attract and retain top talent, and to improve employee morale and productivity.

Full Answer Section

Examples of mandated benefits:

  • Social Security
  • Medicare
  • Unemployment insurance
  • Workers’ compensation
  • Family and Medical Leave Act (FMLA) leave

Examples of voluntary benefits:

  • Health insurance
  • Dental insurance
  • Vision insurance
  • Life insurance
  • Disability insurance
  • Retirement savings plans
  • Paid time off (PTO)
  • Childcare assistance
  • Tuition reimbursement
  • Wellness programs
  • Employee assistance programs (EAPs)

Discussion

Mandated benefits are typically more expensive for employers to provide than voluntary benefits. However, they are also more important to employees, as they provide financial security in the event of unexpected events.

Voluntary benefits can be a great way for employers to differentiate themselves from their competitors and to attract and retain top talent

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