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The Basics of Employee Benefits, Essay Example

Pages: 2

Words: 551

Essay

The Benefits package that has been put together for the above mentioned position is detailed as follows:

  • Comprehensive Health Insurance, as designated for the Senior Management (SM1) level within the Company. This includes membership of the Company Group inclusive health scheme for Managers in this grade.  This covers disability insurance, Life Insurance cover, Cost of Hospital and Medical Expenses. These all to the band of coverage for this grade.
  • Time off– This provision covers time off work and payment coverage to cover pregnancies and up to 3 months of giving birth. There is additional coverage through the disability insurance and our critical injury policy.
  • Retirement – The Company Group retirement plan provides excellent coverage allowing for two retirement plans. One at age 55 and the other at age 65 providing two flexible options. The 65 plan provides for a lump sum plus a reduced pension whereas the 55 retirement plan provides a full pension for a minimum of 20 years continued service and has a pro-rata reduction for service less than 20 years. (Canada Life, 2011)
  • Savings Plan – The company offers a voluntary savings plan and will match 2/3rds of the Employee contribution to a maximum saving of $10,000 per annum. These are invested in Unit Trusts and are a long term growth investment plan
  • Educational Development – The Company encourages continued training in professional development and has a sponsorship scheme with the local University. In this position we sponsor the Executive MBA program.  We reimburse 75% of the course costs upon successful graduation from the program.

Managing the benefits program relies heavily upon the support of the Executive and funding the program. This particularly in regard to the  Pension and Private Health schemes. This can be a challenge in times of economic recession, however we have maintained a policy that we will offer one of the best benefit packages in the industry in order to retain the brightest and most innovative people in the business.   The decline in discount rates in 2010 has however significantly increased our level of pension contributions and this may not be a policy that we can sustain into the future. (Millman, 2011).

In addition we have funded the Executive MBA program at the local University.  Apart from the costs involved this has proved both tax advantageous and we have reaped a tremendous amount of goodwill from the University who has promoted the Company as a caring organization that is interested in the development  and career progression of its` managers. As a sponsor of staff and support of the program we have also gained kudos from University promotional material and inexpensive advertising.  The program has also come to the attention of bright young undergraduates who would like to do the Executive MBA whilst gaining a footing in practical experience development.  As such this has driven a lot of smart young people to the firm that we have embraced in out junior management development program.  By supporting the University we also support the local community and encourage younger people to improve their education and consider the firm as a leading employer of talent. (Waikato University, 2011)

References

Canada Life. (2011, 11 22). Canada Life Pension Plan. Retrieved from Canada Life: http://www.canadalife.com/003/Home/Products/GroupInvestmentProducts/GroupInvestmentsforPlanMembers/PostRetirementSolutions/YourRetirementIncomeOptions/S5_009583

Millman. (2011, 11 22). Pension Funding Study. Retrieved from MacMillan.com: http://www.milliman.com/expertise/employee-benefits/products-tools/pension-funding-study/

Waikato University. (2011, 11 22). What are the benefits of sponsorship? Retrieved from Waikato University: http://wms-soros.mngt.waikato.ac.nz/499/Sponsors/What+are+the+benefits+of+sponsorship%3F.htm

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