An exploration of the issues in workplace compensations and benefits.
Written in 2009; 2,887 words; 7 sources; APA; $ 85.95
Paper Summary:
This paper looks at how employers' cost for workers' compensation has increased more rapidly than payments for benefits and medical care. The paper first discusses the hard realities that must be dealt with regarding compensation and the factors that affect compensation. The paper then looks at sex, race and social inequities in the granting of social insurance benefits, as well illegal employment with regard to compensation. Intermediate sanctions on healthcare and the ruling that non-lawyers could no longer represent employers at unemployment compensation hearings are also discussed. Lastly, the paper discusses how mental pay for stress is not proportional to the demand and looks at several court cases dealing with compensation for mental stress.
Outline:
Background: Rising Trends in Recent Years
Higher Educational Requirement, Market Fluctuations
Sex and Race Inequities
Illegal Employment
Intermediate Sanctions on Healthcare
Lawyers Now Required in Court
Mental Pay for Stress Not Proportionate to Demand
From the Paper:
"A 2004 study conducted by the National Academy of Social Insurance found that employers' cost for workers' compensation had increased more rapidly than payments for benefits and medical care (Fogg 2006). This was impelled by the increase in premiums by insurers for future benefit costs. Cash benefits for injuries and medical conditions also went up by 2.3% to $56 billion and employers' costs, by 7% to $87.4 billion. This was the trend in the first three years in the current decade, according to the National Academy of Social Insurance. Chairman of the panel, which produced the report, John E. Burton, said that increasing employer costs were due to rising premiums paid to cover future benefit costs. He predicted a cycle of ups and downs to occur in the market. He explained that employer costs went down in the 1990s when favorable investment returns motivated insurance companies to cut premiums so they could expand market shares. But after 2000, low interest rates and low stock market returns impelled them to raise premiums in order to cover future benefit costs, he explained (Fogg)."
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