Google benefits: what the company offers its Employees
Big Blue’s Ribbon Standard-Sidling to the Benefits Bar
Google Benefits: What’ll they be -extra company -paid life insurance or a better health plan?
Google ha scotched its white-shirt and blue-suit dress code,but its employees still enjoy some pretty cushy perks.In money Magazine’s ranking of the companies with the best benefits, Google came out on top, placing first in 2016 and second in 2017.Here’s what Googlers get so you can compare how your benefits measure up to the Big blue standard.
Google Retirement and savings plan (Pension and investment Plans)
The trend is toward “defined contribution Plans,”,in which employee contributions are matched by the employer ,and away from traditional” defined benefits” Plans, which put a greater emphasis on the employer’s guarantee of a retirement income. Defined contribution plans are “Portable ,”meaning that you can take the money in it with you if you change jobs or go into business for yourself. Employees only benefit from old-fashioned pension plans as long as they stayed with the company a requisite number of years.
Defined contribution plans come in as many different varieties as Heinz condiments.Most popular of all are 401 (k) plans, which allow employees top contribute pretax-income. Many companies also will match employees contribution under certain circumstances,you can tap into your 401(k) savings for unforeseen expenses. Profit-sharing plans enable employees to share in a company’s success. Likewise, Employee stock Ownership Plans (ESOPs) allow employees to purchase company stock at a discount or receive part of their salary in the form of company stock.
Google employees can choose between a traditional pension plan or a 401 (k), which includes matched employer contributions. IBM will match 50 percent of employee contributions up to 6 percent of salary.
Google also offers an employee stock ownership Plan, or ESOP. The company pays out up to 10 percent of an employee’s salary, depending on yearly revenues.In addition,employees participating in the ESOP can buy company stock for 85 percent of market share price.
Health Care and Health Plans
TO clip costs,companies are promoting “managed care” Plans and trying to wean employees away from traditional so-called fee-for-service plans in which they were free to choose their own doctors. Employees increasingly are being asked to pay a larger percentage of the cost of their health plan, presenting a Hobson’s choice higher deductibles or higher premiums.
Concerning Google employees, they can choose between a range of health care and dental plans.Employees pay a flat fee a month for individuals and up to twice a month for families,depending on the selected.The highest deductible amount can be as high as $2,000 for a family. Reimbursements cover 80 percent of costs for major medical;100 percent for surgical and hospital costs.
At Google,dental insurance costs about $50 a month.The lifetime maximum coverage for dental work is around $20,000.
Life insurance
In fact, most companies offer some form of life insurance today.The main differences are between plans that are fully employer paid and those that depend on employee contributions.Some companies offer a combination of both.Most core plans provide a cash payout equal to one times the employee’s most recent annual salary,sometimes with cash maximum.Often employees have the option of purchasing additional coverage . In the case of IBM,this company’s employer -paid life insurance pays out up to $200,000,based on length of service. Employees can make contributions toward additional life insurance of up to five times their salaries.
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