Employee Benefit Information
When considering a job, employees may factor employee benefits into the decision to take or reject a job offer. Employee benefits such as health insurance, 401(k) plans, employee stock-purchase plans, paid time off, life insurance and product discounts make for an attractive package. Employee benefit information is often available on the company's website or in written communication materials available through its human resources department.
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Health Insurance
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According to the Bureau of Labor Statistics' employee benefits survey in 2010, 86 percent of full-time employees had the opportunity to purchase health insurance through an employer. Typically, the employer subsidizes a large portion of the premium and the employee pays through a payroll deduction. Part-time employees eligible for coverage usually pay a higher amount. Employees may receive a number of insurance choices, depending on plan type, with varying costs, deductibles and co-pays. Comprehensive employee health insurance benefits include preventive care, routine care, hospitalization and prescription coverage. Many employers also offer dental, vision and wellness programs.
401(k) and Stock-Purchase Plans
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Some companies offer 401(k) plans, which allow employees to divert a portion of their paycheck into a qualified investment plan. Per the IRS, these dollars are deferred and not taxable at the time of contribution or reflected as earnings on your income tax return. Many employers offer an additional benefit of matching employee contributions. The match percentage will vary, as will the contribution schedule, per the employer's plan. Public companies may offer employee stock for purchase at a discount or provide free stock options.
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Other Employee Benefits
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Other employee benefits may include paid time off, where employees receive a bank of days for sick, vacation and personal day usage. Extended periods off may be covered under leave of absence policies and short-term and long-term disability coverage, where employees may receive a portion of their pay while off from work. Additional employee benefits may include basic life insurance and the opportunity to buy up for more coverage. Depending on the employer, products from the company and its clients may be offered to employees at deep discounts.
FInding Employee Benefit Information
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Companies communicate employee benefit information in multiple ways. If your company has an intranet website, viewable by employees only, chances are employee benefit information is found within the site. Once a year, employers distribute health insurance information in conjunction with open enrollment periods. Many companies create an employee handbook, which details employee benefits among other policies and is distributed at the time of hiring. Your human resources department is a source to find benefit information and is required to provide a summary plan description of your health plan.
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