Compensation Components Offered at a Foreign Work Site
The compensation components offered to an employee of a U.S. company with the opportunity to take a job at a foreign work site availed through some form of an insurance plan. An important set of components is always non-insurance based and provides income to the employees at a foreign work site. These benefits can be classified into three major segments:
Loss of job income continuation
Disability income continuation
Accident and health protection
Liability and property protection
A special set of services and benefits known as prerequisites (Henderson, 2006).
All the categories contain various compensation components with various features given to an employee of a U.S. company with the opportunity of working at a foreign work site.
Disability income continuation
Disability can be categorized as temporary, singular, partial, or total. When the employee is unable to work because of some health related problem or an accident, disability income and continuation payment helps the employee marinating his/her current lifestyle without major changes. A number of income continuation components offer monthly or weekly payments in lieu of normal earned pay check (Goel, 2008). There are eleven components available in disability income continuation plans.
I. Long-term disability
II. Short-term disability
III. Employee's compensation
IV. Social security
V. Non-occupational disability
VI. Retirement plans
VII. Group life insurance
VIII. Dismemberment and accidental death
IX....
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