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Benefits - Essay Example

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RUNNING HEAD: Benefits Government-mandated Benefits Name: Lecturer: Course: Date: Government-Mandated 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…
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Download file to see previous pages The revelation in the current time is vital for policy makers as well as the baby boomers as if prepares them adequately before the financial challenges expected in their golden years (Dominguez, 2011). Primarily, the overseeing trustees have called upon the Congress to look into the issues and implement changes necessary to curtail future “disruptive consequences”. Although current scheduled financing is anticipated to be sustainable for the projected long-run program costs, disruptive consequences for taxpayers and beneficiaries can be avoided entirely through legislative corrections. Motivated and willing leaders should be charged with this legislation which is critical considering the over 105 million beneficiaries of both Social Security and Medicare programs. Laws and Concepts Provision of government-mandated benefits through Medicare for the aged and Social Security for the general public derives its funding through budgetary allocations. Deductions made on salaries of the employed and income contributes greatly to the provisions of such benefits; up to the amount allocated by the legislators in congress. Consequently, the report by Dominguez exposes the pitfalls lying in wait for the Medicare and Social Security programs. As such the report serves to hasten the speed at which Congress pushes for changes in the federal budget to raise the $14.3 trillion federal debt. Despite the push to beat the deficit target set for Aug 2, prepositions for privatization of Medicare have been sounded by the Republicans. This way, older Americans will be offered a subsidy to purchase coverage from private insurers. That notwithstanding, the Democrats’ backing of an overhaul sought to extend the life of Medicare would still necessitate immediate action to allow for options and time to phase in changes that will adequately prepare the affected (Turner, 2010). Recommendations Considering the pitfalls plaguing the government-mandated benefits, planning is paramount in the subsectors of the business community. For instance, the perceived challenges resulting from the sagging economy and aging population will not only affect the future financing of benefits, but also various sectors of the business community. Of greater concern are the effects of mandated benefits which include paying lower wage for employed labor, having catered for their mandated benefits. As such, the employee will be motivated to work even at lower wages because mandated benefits are guaranteed for working (Weerapana, 2009). Additionally, leaders elected into key legislative roles should be vetted as willing and able to push for necessary laws and policies. Otherwise, leaders that are likely to undermine the pillars of health and financial security should not be entertained. Healthcare Programs Summary According the article “Medicare, Medicaid, CLASS in crosshairs of 'Gang of Six' deficit plan”, Anderson (2011), points out the plan by a group of senators to reduce the federal deficit that is feared might significantly cause cuts in government healthcare programs. The reductions, anticipated to occur over a 10 year period would require the Senate Finance Committee to find a $500 billion in healthcare spending. The elimination of the Community Living ...Download file to see next pagesRead More
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