StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Post-Employment Benefits - Assignment Example

Comments (0) Cite this document
Summary
From the paper "Post-Employment Benefits" it is clear that in the situation of internal re-organization, it would make sense for it to reduce the liabilities in its balance sheet to as low as possible. By going ahead with a new DCP policy, the company can reduce its liabilities…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.6% of users find it useful
Post-Employment Benefits
Read TextPreview

Extract of sample "Post-Employment Benefits"

Download file to see previous pages 2. We have been provided with what would be "amortized" this year (2007) towards Unrecognized Prior Service Costs, but we have not been provided with what is the actual amount pending towards UPSC.
3. We have been told that the employer's contribution would be 3% of payroll. But we do not know as to what are the company's expenses on salaries and wages.
4. We have no information regarding the number of employees involved in the scheme, their retirement dates, etc. All this information can influence the answer.
So, where ever required, we have made suitable assumptions relating to the above missing information.
Answer 1:
From the given information, if the company decides to go on with its existing (DBP) post-employment benefits plan, from the information available, we can draw up an approximate pension worksheet, as follows:
Items
General Journal Entries
Memo Record
Annual Pension Expense
Cash
(Prepaid) / Accrued Cost
Projected Benefit Obligation
Plan Assets
Unrecognized Prior Service Cost
Balance, Dec. 31, 2006
810,000 Cr
340,000Dr
(a)
Unrecognized Prior Service Cost
Balance, Jan. 1, 2007
---
(810,000+) Cr
340,000 Dr
(b)
Service Cost
88,000 Dr
88,000Cr
(c)
Interest Cost
81,000 Dr
81,000 Cr
(d)
Actual Return
34,000 Cr
34,000 Dr
(e)
Amortization of UPSC
21,000 Dr
21,000 Cr
(f)
Contributions
X Cr
X Dr
Journal Entry for 2007
156,000 Dr
X Cr
(156,000 - X) Cr
Balance, Dec. 31, 2007
0
(374,000 + X) Dr
Note: In the above table,
1. Interest / Discount / Settlement Rate = 10%
2. Opening and closing balance of Unrecognized Prior Service Cost is unknown. (Shown as '')
3. Since the amount contributed by the employer...
They do so by letting the company switch over from its existing 'defined benefits plan' to a 'defined contribution plan' to save costs.
3. The employees give up their claim on every other liability, like whatever is pending towards Unrecognized Prior service costs, whatever would be this year's service cost, interest burden on whatever is pending towards 'Projected Benefits Obligation', etc.
5. Employer will contribute 3% of the payroll towards the 'retirement fund' or the 'plan assets' henceforth regardless of whatever has been accumulated in the fund, whether it is sufficient, insufficient or in excess.
6. AND henceforth, since the company moves on with a 'defined contribution plan', the employer doesn't have any more liability other than payment of his annual contribution towards the fund and whatever post-employment benefits are to be derived would be out of the balance in the 'fund' kept aside for that purpose.
From the given information, if the company decides to go on with its existing (DBP) post-employment benefits plan, from the information available, we can draw up an approximate pension worksheet, as follows:
While, if the employer decides to switch over to a 'defined contribution plan' where the employer pays 3% of payroll as his contribution, the agreement being that the employees get to keep what is already in the defined benefit plan (Plan Assets only), we can draw up an approximate pension worksheet as follows: ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Post-Employment Benefits Assignment Example | Topics and Well Written Essays - 1750 words, n.d.)
Post-Employment Benefits Assignment Example | Topics and Well Written Essays - 1750 words. https://studentshare.org/business/1502084-post-employment-benefits
(Post-Employment Benefits Assignment Example | Topics and Well Written Essays - 1750 Words)
Post-Employment Benefits Assignment Example | Topics and Well Written Essays - 1750 Words. https://studentshare.org/business/1502084-post-employment-benefits.
“Post-Employment Benefits Assignment Example | Topics and Well Written Essays - 1750 Words”. https://studentshare.org/business/1502084-post-employment-benefits.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Post-Employment Benefits

Employment

...Post-Employment Benefits... Post-Employment Benefits... Staff turnover is described as the number of employees who leave their jobs as compared to those who keep their jobs and remain employed. High turnover is when old or even new employees leave their jobs and the company is left with new employees who have to be trained. This is considered to be undesirable as the company will have to incur high training costs and will be left with inexperienced employees. In order to avoid this, the company should keep their employees motivated and give them additional benefits like bonuses, holidays etc. staff turnover is calculated by dividing the number of employees leaving the company by the current employees and then multiplying by hundred. Different...
14 Pages(3500 words)Essay

Benefits

...Post-Employment Benefits... Post-Employment Benefits... HEAD: Benefits Government-man d Benefits Lecturer: Government-Man d Benefits Summary National government policy requires employers to provide some benefits to all employees. These benefits (also known as social insurance programs) include unemployment compensations, Social Security, workers’ compensation, and family and medical leave. According to Dominguez’s report on Social Security and Medicare future funding, it has been postulated that both programs are expected to run out of funds sooner than anticipated. While the government’s health insurance for the elderly is predicted to come in 2024, Social Security will be depleted 12 years later; with both predictions associated with the...
6 Pages(1500 words)Essay

Employment Law - Employment Contracts

...Post-Employment Benefits... Post-Employment Benefits... Law - Employment Contracts Employment law covers a certain nature and scope of the employment contract. The purpose of this paper is to;using case studies, explain the sources, institutions, and enforcements systems for individual employment rights. This will be accomplished through the use of case studies; the nature and scope of the contract will be discussed and the content and case study examples will explain the sources, institutions and enforcement systems for individual employment rights. The Sources, Institutions and Enforcement Systems for Individual Employee Rights Organized labor in the United States has fallen rather dramatically over the course of the past 25 years, especiall...
8 Pages(2000 words)Essay

Employment Law: employment discrimination

...Post-Employment Benefits... Post-Employment Benefits... Employment discrimination occurs when an employee is treated unfairly. This happens when "an employer adversely single out employees or applicantson the basis of age, race, gender, sexual orientation, disability, religion and other reasons."1 This becomes clearly manifested when on account of this, the employer commits discriminatory practices which "include bias in hiring, promotion, job assignment, termination, compensation and various types of harassment."2 The act of Jill, the head of the nursery, in including in the employment reference an unfounded statement that, "There have been several complaints by parents that she (Anne) is unkind to their children" is an act of being unfair. ...
8 Pages(2000 words)Case Study

Employment

...Post-Employment Benefits... reasons for joining the organization you are currently employed with and a brief of your responsibilities in your current position.I have studied hard enough all my career to pursue a field which is not only rewarding but also worthwhile to state the least. My educational background lies more towards the Information Technology side which has made me a hard IT person who understands what it takes to become a true professional as far as this respective field is concerned. I worked as Help Desk Analyst at En Pointe Technologies. This job offered me the liberty to understand the field of IT in a very close manner. I gained insight into troubleshooting for different software and hardware and the problems that are relate...
3 Pages(750 words)Admission/Application Essay

Post

...Post-Employment Benefits... Ecological Footprint Quiz Ecological footprint calculator is a technique used to evaluate and assess the relationship between humanity and nature. Specifically, it tries to determine humanity’s demands on nature (Laposata & Pratte 388). The results encompass a diverse consideration of factors that inter-relate humanity and nature, outlining humanity’s dependence on nature. The aim is to approximate pressure exerted on nature by humanity. The results were surprising due to the analyzed scenarios that they presented. They presented characteristic relationship between humanity and nature, outlining variables that are least expected to make an impact on nature. On the same note, some questions were surprising, especiall...
1 Pages(250 words)Assignment

Benefits

...Post-Employment Benefits... Post-Employment Benefits... total compensation package an employee receives from a company is composed of two primary elements: salary and benefits. The average salary in the United States is approximately $43,000 per year. Due to the intense competition in the labor market companies are able to differentiate themselves by offering superior benefit packages. Offering great benefits can help a company recruit talented employees. Good benefit packages help companies increase their employee retention rate. Some of the benefits that companies can provide to its employees include extended sick and vacation days, medical plan, profit sharing, stock option plans, pensions, IRA, 401k, maternity leave, paternity leave, wellness ...
1 Pages(250 words)Research Paper

Post

...Post-Employment Benefits... RESPONSE TO POST AND CONCLUSION LECTURER: Response to The aspect of your answers that caught my attention most had to do with the assumptions that are attached to an EOP. I agree with all the stakeholders you mentioned and the various assumptions you made about them. There is however an insight that I would like to add to the points you made. Particularly, you failed to give rationale for the various assumptions you made. However, I believe that before any assumption can be rightly validated or disproved, it must be based on a very formidable background. Based on the assumptions you made, I am of the opinion that emergency service workers must constantly correspond with other stakeholders at the state and federal...
2 Pages(500 words)Assignment

Employment Law - Employment Discrimination

...Post-Employment Benefits... Post-Employment Benefits... Law - Employment Discrimination Table of Contents Table of Contents 1 Introduction 3 The existence of employment discrimination 3 Reasons for existence 4 Definition of employment discrimination 4 Disparate treatment 4 Adverse impacts 5 Retaliation 5 Literature review 5 Employment discrimination in the United States 5 Protected classes 6 Women employment discrimination 6 Comparison between the United States and Saudi Arabia 6 Case study 7 Woman Employment Law History in Saudi Arabia 8 Today’s Woman Employment Law Regulations in Saudi Arabia 8 Saudi labor law 9 Conclusions and recommendations 10 Employment discrimination is the treatment of employee in a dehumanizing manner due to their race, n...
9 Pages(2250 words)Research Paper

Benefits of Mobilisation Programs for Post-operative

...Post-Employment Benefits... Post-Employment Benefits... of Mobilisation Programs for Post-operative» Introduction Post-operative abdominal surgery is one of the major surgeries which patients undergo for a variety of diseases and diagnostic procedures. In most cases, it is intrusive and highly disruptive to the normal physiological functioning of the patients involved. Since the patient is subjected to major feelings of discomfort after the surgery, medical practitioners often feel the need to implement interventions which help to ease these discomforts. One such intervention is the early mobilisation program. Early mobilisation programs have been suggested as post-surgery options which help reduce hospital stay, reduce complications, and ...
15 Pages(3750 words)Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Post-Employment Benefits for FREE!

Contact Us