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The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide These benefits include employer contributions to Social Security unemployment insurance and workers compensation insurance Altogether such benefits represent about twenty-one and half percent of payroll costs Social Security Social Security is the federally administered insurance system Under current federal laws both employer and employee must pay into the system and a certain percentage of the employees salary is paid up to a maximum limit Social Security is mandatory for employees and employers The most noteworthy exceptions are state and local government employees The Social Security Act was passed in 1935 It provides an insurance plan designed to indemnify covered individuals against loss of earnings resulting from various causes This loss of earnings may result from retirement unemployment disability or the case of dependents the death of the person supporting them Social Security does not pay off except in the case where a loss of income through loss of employment actually is incurred In order to be eligible for old age and survivors insurance OASI as well as disability and unemployment insurance under the Social Security Act an individual must have been engaged in employment covered by the Act Most employment in private enterprise most types of self-employment active military service after 1956 and employment in certain non-profit organizations and governmental agencies are subject to coverage under the Act Railroad workers and United States civil service employees who are covered by their own systems and some occupational groups under certain conditions are exempted form the Act The Social Security Program is supported by means of a tax levied against an employees earnings which must be matched buy the employer Self-employed persons are required to pay a tax on their earnings at a rate which is higher than that paid by employees but less than the combined rates paid by employees and their employers In
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