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Bonuses And Gifts And Workers’ Compensation Remuneration

09 Dec, 2010 WorkersCompensation.com

                               

Asheville, NC (CompNewsNetwork) - While payroll is often referred to as the basis for premium, in most states it is actually remuneration and when giving year-end bonuses, it's important to understand what is included and excluded for Workers' Comp premiums.While the specific rules for inclusions and exclusions vary among states, in general, year-end bonuses and cash or cash equivalents such as gift cards are included in remuneration for Workers' Compensation purposes. Some state exceptions are Tennessee that includes bonuses only when paid in lieu of wages and specified as a part of a wage contract and New Mexico that excludes bonuses paid under a state approved safety program.

On the other hand, certain gifts or perks for employees are not included in remuneration. These include employer-provided tickets to entertainment events, an airline flight, employer-provided automobiles, and club memberships. Moreover, if a special award is given for a discovery or invention, the value is generally excluded from remuneration.

This material is provided as general information and is not a substitute for legal or other professional advice.

Sign up for our monthly eBulletin on Workers' Compensation www.workcompprofessionals.com/ebulletin.html.

Kevin Ring is the Lead Workers' Compensation Analyst for the Institute of WorkCompProfessionals, the Asheville, NC-based organization that trains insurance agents to help employers reduce Workers' Compensation expenses. A licensed insurance agent, he leads workshops, analyzes Workers' Comp programs and is the co-developer of a Workers' Comp software suite that helps insurance professionals in working with employers. He can be contacted at 828-274-0959 or kevin@workcompprofessionals.com

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