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