cost of benefits of insurance company employees

Published on June 2016 | Categories: Topics | Downloads: 22 | Comments: 0 | Views: 231
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cost of benefits of insurance company employees

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Table 20 Cost of Benefits Given to Employees Types of Benefits 13th Month Pay Holiday and Rest Day Pay Incentive (for outstanding performance) Mid Year Bonus Service Incentive Leave Total Cost of Benefits (in pesos) 20,000 8,000 28,000 10,000 5,000 71,000 Percentage 28.17% 11.26% 39.44% 14.08% 7.04% 100% Ranking 2 4 1 3 5

The table shows the cost of benefits given to employees by the management aside from their salary. The table presents the average cost of benefits for an employee. The company disseminated the data to the researchers, and the researchers get the average amount for each item presented on the table. It cost an average of 71,000php benefits for each employee in the company. 28,000php or 39.44% is for Incentive for outstanding performance, 20,000php or 28.17% is for 13th month pay, 10,000php or 14.08% is for midyear bonus, 8,000 or 11.26% is for holiday and rest day pay, and 5,000 or 7.04% is for service incentive leave. Here, the company can only control the cost of giving the incentive for outstanding performance that costs 28,000php by strictly implementing the performance rating for each employee to avoid overrating therefore avoiding also giving over benefits.

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