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Benefit overview and providers of benefits (Roles and objectives of…
Benefit overview and providers of benefits
Roles and objectives of benefit providers
The State
direct provision and financing of benefits
education about the importance of providing for the future
regulation to encourage or compel benefit provision
regulation of benefit providers to ensure security for promises made or expectations created
(Groups of) Employers
provision of benefits
provision of a vehicle e.g. benefits scheme
encouragement or compulsion to employees to provide benefits
Why provide?
paternalism
compulsion or encouragement from State
attract and retain good quality employees
pool expenses and expertise
Individuals
finance benefits through State, employer, insurance company
use individual savings or domestic property to finance benefits
Financial institutions
Other corporations
Continuing Care Retirement Communities (CCRCs)
Trade unions
Employee associations
Religious organisations
DB and DC schemes
DB
DC
flexible benefit schemes
employees choose benefits (e.g. extra holiday, dental care, childcare) which they can buy/sell by reducing/increasing cash pay
select benefits appropriate to needs
needs can change over time as personal circumstances change
not giving employees benefits that aren't valuable to them