Investing for life: Making the link between public spending and the reduction of maternal mortality
Personal Finance. Financial Planning EarningSavings Spending Investing Tax Planning Retirement...
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Transcript of Personal Finance. Financial Planning EarningSavings Spending Investing Tax Planning Retirement...
Personal Finance
Financial Planning
Questions:In your opinion, what are the most important
benefits an employer can offer?Would you accept a full-time job where
benefits were not offered? Why or why not?Should the government have the right to
dictate whether or not employers offer benefits?
IntroductionBenefits: forms of employee compensation in
addition to paySome required by law
UnemploymentSocial Security and Medicare
Others are optional
Profit SharingEmployee receives a portion of company
profitsIncentive Pay
Motivation to work harderLinks company profits to employee pay
Paid Vacations & HolidaysPaid as usual while on vacationPaid Holidays
Usually paid more than regular wages if workUsually applies to full-time employees
Employee ServicesExtras to improve morale and working
conditionsCompany discountsSocial and recreation programsDay care centersTuition reimbursement
Child Care and Sick PayPay child care expensesPaid on days you are sick
Generally for full-time employeesMay carry over year-to-yearMay not earn until you have worked a year first
Leave of AbsenceTemporary leave job for life events
Family Medical Leave Act (FMLA) Care for self or immediate family member Up to 12 weeks Unpaid Benefits stay intact
Job Security Return to same or equal position
InsuranceMost large companies provide insurance
plansMay pay for all or some of insurance cost
PremiumsPayments made in advance in order to have
insurance coverage
Health InsuranceDeductible
Amount an employee pays before insurance kicks inCo-pay
The portion of a bill that you pay AFTER deductible is paid
Most medical bills are paidFewer employers offering health insuranceTypes of insurance
Group Health InsuranceIndividual Health InsuranceCOBRA
Dental & Vision InsuranceDental
Routine exams usually covered 100%Braces often not includedMay have a small deductible
Vision Covers prescriptions and eye examsFrames usually not covered
Life InsurancePurpose: provide income when a wage
earner diesBeneficiary: person who receives the cashPolicy may end if you leave the job
Bonuses and Stock OptionsBonuses
Incentive paySigning bonusHoliday bonus
Bonus amounts tied to profits
Stock OptionsAllows you to buy shared of stock at a
discounted price
Pension PlansTraditional Pension Plan: employer provides
money to an employee during retirementBased on salary and years of serviceVested: entitled to full benefit
Employer Savings PlansEmployee pays most of the amountExample: 401K
Flexible Spending AccountAlso known as a “flex plan”Money taken out of paycheck pre-taxMoney put into an account to be used for
qualifying medical expenses and child care expenses
Maximum $5,000 Use it or lose it
How flex plans work?
Source: www.flexcorp.com/pages/serv_savings.htm
Source: www.flexcorp.com/pages/serv_savings.htm