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New Laws for 2023 part II

InterWest Insurance Services

Currently only companies with five or more employees who do not offer a retirement plan are required to enroll their workers in CalSavers. Employers that don’t provide a retirement plan for their workers, and who fail to register, can face a penalty of $250 per employee, as well as additional penalties for sustained noncompliance.

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16+ types of employee benefits you should consider

Genesis HR Solutions

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Medical Insurance. Medical insurance is likely a no-brainer— it’s one of four major types of benefits most employers offer. Disability.

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Employee benefits for small businesses

Higginbotham

Different health plan types come with both advantages and disadvantages, including differences in cost, risk and employee involvement/education. Depending on the number of your employees and the diversity of their needs, you may decide to offer a single plan option or to provide two or more plans for them to choose from.

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Navigating employee benefits: A comprehensive guide for growing businesses

Insperity

Other types of insurance If an employee loses their ability to earn an income on a temporary or permanent basis, certain types of insurance can help protect their families and livelihoods. Disability insurance , provides employees with replacement income and pays for medical bills if they become disabled and are no longer able to work.

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Investing in employee mental health benefits

Higginbotham

Mental Health Coverage and Parity Under the Mental Health Parity and Addiction Equity Act , most group health plans and health insurance issuers are required to offer mental health benefits that are no more restrictive than medical and surgical benefits in terms of financial requirements and treatment limitations.

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Leveraging employee financial wellness programs in your benefits strategy

Higginbotham

Offering retirement benefits also makes financial sense because they often come with tax incentives. Department of Labor explains that the Employee Retirement Income Security Act (ERISA) covers two main types of retirement plans: defined benefit plans and defined contribution plans.

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17 Essential Employee Benefits Ideas to Boost Morale and Productivity

Empuls

From healthcare and retirement plans to flexible work arrangements and professional development opportunities, employees are looking for a comprehensive benefits package that meets their unique needs and preferences. The contributions made towards the pf are eligible for tax deduction under section 80c of the income tax act, 1961.