Five Social Insurances and One Housing Fund

The three principal elements have become identified in practice within the institutional model of welfare. “The key elements are social protection, and the provision of welfare services on the basis of right.” (Spicker2014)

Social insurance programs were designed to provide continuing income to citizens over 65 after retirement, health benefits and provide benefits for the unemployed, survivors and disabled. Social insurance programs are non-means tested, work based and incorporate a large number of people while public assistance

Ford Company faced the labor surplus because of its high cost structure and decreased in the demand of automobile. There was no work for all employees in the company but the ford paid salary and other benefit to all employee even there are not contributing and involving in the production. As there was decrease in sales of Ford automobile, they had surplus in their work force. Moreover they were unable to afford to keep all the employing paying their salary. They also had to bear financial loss. Hence they were eager to cut down their entire work force. (htt91)

During the 1910’s the American Association for Organized Labor (AALL) banned together to have the first talks about acquiring social insurance, but when the United States entered into the war in 1917, combined with doctors and other organizations put a stall on the social insurance idea.

The background of social welfare has impacted the policies for today’s social welfare and TANF policy. There are several policies

For many years, the organizations had purchased life insurance for their employees, the key reason is that through some key personnel from the insurance company to maintain their own financial loss on their lives when events occur (Martin, 2010). On the other hand, the insurance company by emphasizing their tax advantages, to encourage corporations to purchase the corporate-owned life insurance. The goal of corporate-owned life insurance is corporations need to take large loans in order to pay for the insurance fee and make the maximize profits of tax. At the same time, the corporations can get a large amount of income tax from their interest payment. However, in 1986, the insurance organizations established new form which named Tax Reform

If an employer has 15 or more employees and the employer does not have health insurance for them, the government is going to subsided them, but the employer is going to pay a find, since the employees do not get pay enough to buy the

However, for lowering the cost of health insurance, there is a gap between the before cost and the lowered cost. To fill in the gap the government enforces new taxes, specifically, onto the higher-earners. This is bad news for the rich but good news for the lower class. Individual mandate and employer mandate are also enforced. According to the individual mandate, if the lower-classmen can afford the insurance but choose to not purchase one, they are penalized with an annually increasing fee; this fee will help fill in the gap difference. On the other hand, if one cannot afford insurance, he/she can ask for an exemption. For employer mandate, all businesses that have 50 or more full-time equivalent (FTE) employers are required to provide health insurance for their FTE employers or to pay a monthly Employment Shared Responsibility Payment, formerly known as the annual employer mandate fee, which is due annually on the employer federal tax returns. In order to avoid the fees and the hassle, most of the smaller businesses that make the minimal revenue to keep their business going would want to reduce their workforce to fewer than 50 employees, thus, increasing the unemployment rate. Plus, those employees will not receive health coverage from their job. However, note that larger businesses more than likely cannot decrease their workforce and will have to pay the fees or to provide insurance for

An employer mandate that demand company with fifty or more employees to offer coverage or pay fine,

Officially called as employer shared responsibility provision, employee mandate in Obama care is described as any

Without keeping costs to a lower level, they wouldn’t be able to provide value product and services to the customers and this is a major source of conflict for the company. In this case demographics, some into the picture since the cost of employee determines the actual cost for the company (Wolf, 2009).

Health care system has evolved tremendously in the last few years, with many changes with the health care laws including but not limited to Universal Health Care, many individuals have choices when it comes to their coverage. According to healthcare.gov, in January of 2015, an employer with 50 or more full time employees will have to make an Employer Shared Responsibility Payment if a full time employee gets a lower health coverage premium cost if insurance is purchase in a marketplace. However, employers are not subject to this law if the numbers of employees are lesser than 50 but are still

EMPLOYER SPONSORED INSURANCE: Any employer with more than 10 employees was required to provide them with health insurance and also to contribute a reasonable sum towards their costs or he had to pay a penalty of up to $295 per employee annually. The revenue generated through this would be used to cover costs of reform

As many old laws and policies get older they develop to be still relevant in the citizens daily lives. Throughout time there have been many forms of programs that have been like Social Security. This is because through time humans have had many economic uncertainties that have worried them about “unemployment, illness, disability, death and old age” (8). There has been always a need for economic security. In many cultures and throughout time there have been many ways that their citizens have received economics securities. The traditional form of economic security came from “assets; labor;

This paper will be based research, compare and contrast the early historical accounting for Postretirement Health Care and Life Insurance Benefits with the guidance / rules in place today with the Financial Accounting Standards Board (FASB) recently issued Statement of Financial Accounting Standards No. 158 "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans; changes to the guidance and rules that would improve the financial accounting and reporting of the benefits. Predict the significant manner in which the future of accounting for these benefits could