Job Related Benefits

By The FoolProof Team

When you have a job, you may get more from it than a paycheck. Your employer may provide or make available additional "benefits." Most of the time, employers offer such benefits to full-time employees, although some companies may also offer some benefits to part-time employees. The benefits provided vary from employer to employer. Some employers offer "cafeteria" or "flexible benefit" plans—a selection of benefits from which an employee may choose.

What are some possible benefits?

Health Care Coverage (Health Insurance)

Many employers offer health care coverage through a group plan that makes the cost more affordable. Employers may pay the full cost, a portion of the cost, or none of the cost for each employee. The coverage may only be offered for the employee or for the employee and their immediate family members. If you aren't part of your parent's health care coverage, this is a very good benefit to have.

Other Insurance Plans

Employers may offer other forms of group insurance plans. Life insurance, accident insurance, long-term disability insurance, and short-term disability insurance may be offered.

Retirement Plans

A retirement plan provides a means to save money for use after your working days are over. Employers may offer employees the opportunity to participate in a retirement plan such as a 401-K plan or other savings plan. Contributions can be made to the plan in various ways: only by the employer, only by the employee, or by both.

Paid Time Off

Examples include vacation time, holidays, sick leave, or personal leave. An employer may offer one or more types of paid time off.

Education Reimbursement

An employer may reimburse all or part of certain college or graduate school expenses. Each employer has their own criteria for what courses or degree programs qualify for the reimbursement program. Most employers reimburse you after you have successfully completed each course.

ESOP - Employee Stock Option Purchase Plan

Some employers offer their employees the opportunity to purchase shares of the company's stock. Most of these plans are offered as part of a retirement plan.

Profit Sharing

Employers may share company profits with employees through a profit sharing plan. Most such plans add a percentage of the company's profits to an employee's retirement plan.

Employee Discounts

These can be discounts on the company's own products or services, or discounts arranged with other businesses.

These are just a sample of the various benefits that employers may offer. You may qualify for some benefits only after you have worked for the employer a specific amount of time. Benefit plans are updated periodically to accommodate the changing needs of employees. Your interest in and need of these and other benefits will change as your life changes.

Bottom line:There can be more to choosing a job than just what the job pays! Also consider potential benefits when deciding where to apply for a job and/or which job to take.