In addition to receiving your salary, when you work for an employer you typically receive a number of benefits as well. These are offered to you for a variety of reasons, but usually they fall under one of the following three:
While the specific names for many of the benefits can be confusing, they can be grouped into one of several major buckets. We provide some descriptions below but please be sure to ask a teacher, parent, advisor, or – especially – the employer if you have specific questions about particular benefits. It’s important that you know what you’re signing up for!
Insurance
Health insurance is the most common benefit provided by employers to their employees. The concept of health insurance is the same as it is for home or auto insurance: a regular payment is made to the insurance company so that if something unfortunate happens and you face major medical expenses, the insurance company will pay a large portion of your bills. Most employers make the regular payments (known as “premiums”) for you as part of their benefit program.
The different types of health insurance and some terms you might see associated with them include:
Other insurance-related benefits can include:
It is important to know: how much, if anything, do I have to pay for my basic medical insurance?
Retirement and Savings Benefits
These benefits are in place to help you prepare for the time when you end your career and stop working; to build a nest egg you can draw from when you no longer have a salary from an employer. The most common retirement/savings benefits are called 401(k) plans. You may choose to take some of your salary and put it directly into a 401(k) plan so that it can grow with tax benefits and be ready for you in retirement. In addition, many employers will offer to match some or all of the money you choose to put into this plan so that you receive an extra benefit from saving some of your salary today.
Be sure to ask your future employer for the specifics around their savings plan! You’ll be glad you did when it’s time to retire. By the way, it’s important to know that 401(k) plans follow you if you change employers…you get to keep the money you’ve put into them even if you can’t use it until you retire.
Employers have a strong incentive to help you become an even better employee and person, and they’re usually willing to spend money to make that happen
Professional Advancement
Employers have a strong incentive to help you become an even better employee and person, and they’re usually willing to spend money to make that happen. The most common types of benefits in this category include:
Paid Time Off (PTO)
PTO, or days away from work while you're still being paid, is basically “earned” by employees as they work. Some employers will provide PTO from day one, while others require that you work for a period of time before earning paid days off. PTO can include sick days, vacation days, and holidays. Be sure to understand your particular employer’s PTO policies, including how much of each you receive and whether or not you are paid during time away from the office or simply get to take time off.
Family leave is another type of time-off benefit although not all of it is likely to be paid. Employers may provide time off for their employees for maternity or paternity care, as well as bereavement (dealing with a death in the family, for instance) or compassionate care. Some of this time off may be paid (PTO), while an extended time away from the office may be granted by your employer but it will be unpaid. Be sure to look into the specifics of your employer’s particular leave plan.
Other Benefits
Finally, other benefits may include:
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