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Wages and Benefits
Wages Salary normally used for professional
positions. Hourly wages used for trades people,
laborers, general retail,most part-time work.
Commission paid in many sales occupations-especially big-ticket items
Benefits Non-wage compensation Additional value in that they are often
tax-free
Retirement Benefits The most valuable benefit along with
health insurance. We’ll deal with as a separate topic.
Health Benefits Comprehensive Insurance (Full
Coverage): best coverage-doctor fees, hospitalization, medical equipment and prescription drugs
Major Medical: covers serious issues and procedures
Hospitalization: covers expensive hospital stay but not necessarily doctor bills or medicine
Health Benefits cont. What coverage do you need?
Single vs. family Pre-existing conditions-need Group Plan
Out-of-pocket costs co-pay (you pay a %) deductible (you pay the first $$$) premium (part of insurance cost)
Obamacare will mandate health care coverage fro most people. You will either get it or buy it with a subsidy from the government.
Life Insurance Provide for dependents-do you have
any? How much do you need?
Pay all bills future expenses (college for kids) 5 to 8 times annual income
Term life insurance is cheapest and best for most people. Cost is very low.
Time Off Vacation, Sick Leave, Other Leave, Holidays Paid or Unpaid How many? Does it increase over time?
Company Car Usually for jobs that require travel Payment required for personal use valuable benefit
Tuition Reimbursement Employer pays for you to take college
classes
Dental, Vision Nice benefits but not as valuable as
health usually have deductibles, co-pays or limits limited per year
Disability Coverage if you are unable to work Workmen’s compensation deals with
injuries sustained on the job loss of income could be covered by
other insurance, such as auto for an auto accident
Miscellaneous benefits Room and board discounts use of facilities (weight-room, health
center, golf course) child-care education Some of these can be very
valuable!
Google Benefits