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Study: Employers’ Cost to Provide Employee Benefits Has Risen 24% Since 2001

HR Daily Advisor

employers’ cost to provide employee benefits, measured as a percentage of pay, increased 24% between 2001 and 2015, fueled largely by a doubling in healthcare benefit costs, according to a new analysis by Willis Towers Watson (WTW). of pay in 2001 to 18.3% kutubQ / iStock / Getty Images Plus.

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Employers’ Cost to Provide Employee Benefits Has Risen 24% Since 2001, New Analysis Finds

HR Daily Advisor

employers’ cost to provide employee benefits, measured as a percentage of pay, increased 24% between 2001 and 2015, fueled largely by a doubling in healthcare benefit costs, according to a new analysis by Willis Towers Watson, a leading global advisory, broking, and solutions company. of pay in 2001 to 18.3%

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Evolution of the 401(k)

Guideline

With the widespread adoption of 401(k) plans, it might surprise you that they’re a relatively new employee benefit — and one that was created unintentionally by lawmakers. Unlike pensions, these retirement plans put more of the planning decisions—and responsibility—on employees rather than the company.

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Affected Parties Suggest Reasons, Methods for Expanding IRS Determination Letter Program

HR Daily Advisor

Retirement plan trade organizations and advocates, law firms, and other affected parties proposed to the Internal Revenue Service (IRS) an expanded range of circumstances they believe merit review and determination letter judgment by the tax agency. What’s a Determination Letter?

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5 Ways to Ease Open Enrollment Stress for Employees

HR Daily Advisor

From there, create goals related to the problem spots: Get X% of employees saving for retirement, or engage X% of employees in the open enrollment information session—and then set up a communications strategy accordingly. Decide how you plan to administer the benefits enrollment process to employees.

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15 Best HCM Software in 2024 (Based on Four Research Parameters)

Vantage Circle

Compensation and Benefits: Compensation Planning : Helps design and manage salary structures, bonuses, and other forms of compensation. Benefits Administration : Manages employee benefits, such as health insurance, retirement plans, and other perks.

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Absenteeism in the Workplace: A Full Guide

Digital HR Tech

This is likely due to an increase in job demands during a worsening of the economy, and a reduction of employee benefits, bonuses, and pay increases, as well as safety and health monitoring ( Shoss & Penney, 2012 ). Lost productivity is shown through time lost from work due to illness, presenteeism , or even early retirement.