article thumbnail

New COVID relief package extends payroll provisions

Business Management Daily

Relief for health savings accounts and dependent care assistance plans. The leave and the tax credits are extended, not reset, for 2021. So if employees have maxed out on their leave in 2020, they aren’t eligible for more paid leave after Dec. Extensions of popular payroll tax provisions.

article thumbnail

5 Steps to Building an Employee Benefits Program That Won’t Break the Bank

Insperity

However, some businesses offset this cost to their employees by contributing money to health savings accounts. Retirement savings plans – Offering a defined contribution retirement plan, such as a 401(k), can help you stay competitive. Aim for a plan that covers at least 60 percent of employees’ salaries.

Banking 50
article thumbnail

Navigating employee benefits: A comprehensive guide for growing businesses

Insperity

The financial wellness of your workforce is especially critical given economic conditions, record-high inflation and high levels of household debt, leading many workers struggling to save enough money. In a 401(k) plan, the most common type of retirement plan, employees can save up to a certain amount set by the U.S.