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The supporters of defined benefit plans argue that DB retirement plans represent the only, which can offer real retirement safety. The supporters of defined contribution plans state that DC retirement plans still provide more safety due to the possibility of employees to trace the facilities on their accounts. During the last few years too many defined benefits plans were changed to defined contribution retirement plans. The main reasons of that are the following:
Michael Sze in his work “Which is Better for the Participants - A Defined Benefit or A Defined Contribution Plan” provides the questionnaire that helps define employees’ preferences. He made an interesting conclusion that younger workers prefer defined contribution retirement plans, while older employees often choose defined benefits plans.
The survey clearly indicates that the employees are more informed than what some pension experts believe them to be. The employees may not fully understand the technical details of the DB and DC plans, but they know essentially what they need and what types of arrangements would be best to provide for these needs. The challenge is for the pension experts and plan sponsors to establish plans that will cater to their needs (Sze).
It is necessary to mention that converting defined benefits plans into defined contribution retirement plans represents a problem for companies. Some people do that not because of advantages the plan provides, but to have extra funds in the situation of economic crisis. Jeff Sanford calls it “a new pension crisis” and comments:
Another problem, as some companies are starting to find out, is that plan conversions may set your company up for legal problems if employees retire and run out of money faster than they expected. As lawsuits already filed in the U.S. are making clear, employees are holding companies responsible
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Worker benefits and compensation are turning out to be more and more intricate and costly. Companies should cautiously think about both the business's financial needs and the workers' requirements when making compensation and benefits plans.
The massive shortfall in the workforce and subsequent recruitment, which has become a common feature in the recent days, has been causing heavy overheads for the company. The firm is in dire need of adequate supply of well trained employees for the successful performance of their business processes.
Therefore, compensation and benefits are the remuneration of employees in the form of money and fringe benefits. Compensation in the form of cash includes the basic salary, bonuses and commissions. Fringe benefits are usually in form of allowances, such as; housing allowance, medical allowances, motor vehicle allowances and education allowances.
The paper discussed Domino’s Pizza International, Inc., and its methods of international expansion as the main parts of its compensation and benefits system. As was discussed in the paper, the most effective method of Domino’s Pizza compensation and benefits system is licensing and franchising system which provides the world growth of its store's chain.
There are a lot of schemes in order to provide the needed amount of funds in order to cater the health needs of the people. In order to make and produce such a funding, most of the government in the world are collecting taxes on wages, tariffs, and other forms of taxes in order to compensate the needs of health care services.
He may indeed thank Crito for being eager in his defense of, and attempts to save Socrates, but notes that even eagerness must be measured by its aim – it has worth only if its intentions are the right ones.
Each of the points Crito makes is systematically shown to be
Maslow’s theory states that an individual is usually motivated when he or she is under pressure to achieve certain needs and when these needs are achieved, they stop becoming motivating factors and the individual focuses on
Employs almost such a compensation that surpasses cash when thinking about whether your line of work provides them with security, constancy, and a sturdy future. A benefit and position system can help an organization appeal to and maintain employees. Compensation system does not have to be costly for the organization or surpass its budget.
5 Pages(1250 words)Research Paper
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