Many employees consider the benefits plan that they get just as important as the wages or salaries that they receive. This is particularly the case with regards to medical insurance that covers the employee and his family. This is because accidents and illnesses can cause financial havoc to an employee in case he or she is uninsured. It can be quite costly to offer decent benefits, but it usually results in attracting the most talented workers. Below is an insight into some of the essential employee benefits.

Medical Insurance

A majority of employers usually ensure that all their full-time workers have medical insurance. How much the insurance covers may vary, but most exclude dental and vision benefits. The worker may have the option of choosing his or her insurance provider, but most employers prefer working with health maintenance organizations which require the employee to use a designated medical insurance company. Both the employer and employees usually cover insurance premiums.

Life Insurance

Some companies do cover live insurance for their employees while others don’t. The amount that the dependents of the worker or the beneficiaries receive may vary depending on the policy. But it usually amounts to the total annual salary of the worker. The employer may purchase additional life insurance via the insurance company of the employer.

Disability Insurance

This type of benefit is quite common for jobs that require physical strength or where the probability of an accident occurring is high. The benefits usually amount to between a half and a third of the pre-disability income of the worker. This insurance cover may be for both total and partial disability. The amount is also paid after a given period from when the worker suffers a disability.

Retirement Benefits

A majority of permanent workers are usually offered retirement plans to which the worker contributes a given percentage of his earnings. The employer may match the given amount to a pre-determined rate. Private employers may also offer separate pension plans. The employee begins to receive the retirement benefits sometime after retiring from work.

Vacation

Workers may also enjoy paid holidays and leaves as a benefit. The amount that they receive for the vacation usually varies depending on the duration that the employee has been with the company and position held in the company. Employers offer this benefit as part of enhancing employer experience and rewarding a job well done.…

Read More »