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Does working as an mechanical engineer get you free insurance?
#mechanical-engineering #engineering
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Doc’s Answer
GREAT Question Denise.
There is a wide variety of potential benefits packages that employers can offer. Benefits can be provided at the employee’s expense or the employer’s expense or covered by both the employer and employee. A compensation package is your base pay plus other benefits. When considering a job offer or a raise, it is critical to take into account not just the base salary, but the entire compensation package that is offered.
YOUR COMPENSATION PAKAGE IS YOUR BASE SALARY PLUS BENEFITS
BASE SALARY – base salary or base pay is the initial rate of compensation that you receive as an employee in exchange for your services. Base pay is expressed in terms of an hourly rate, or a monthly or yearly salary. In other words, a job ad that promises a base pay of $20 per hour means that the employee would earn a salary of $20 per hour worked, or $160 over an 8 hour day etc. Base salary does not include any extra lump sum compensation, including overtime pay or bonuses, as well as other types of benefits. When employers talk about “salary,” they are almost always referring to the base salary rather than the larger salary package. This broader package usually includes the base salary plus additional benefits or incentives (see below).
EMPLOYEE BENEFITS
Employee benefits are non-salary compensation that can vary from company to company. They are provided by organizations in addition to salary to create a competitive package for the potential employee. Depending on the company, these benefits may include: health insurance (required to be offered by larger companies); dental insurance; vision care; paid vacation leave; personal leave; sick leave and retirement benefits. These types of employee benefits are offered at the discretion of the employer or are covered under a labor agreement, so they will vary from company to company.
ALWAYS REVIEW YOUR EMPLOYEE BENEFITS PACKAGE
Whether you are considering a new job, deciding on a job offer, or happily employed, it's important to review what benefit coverage is provided by the company and to decide whether the employee benefits package is one that fully meets your needs. It's also important to take full advantage of what the company provides to employees.
FRINGE BENEFITS AND/OR PERKS
Other benefits can vary between industries and businesses and are sometimes referred to as "fringe" benefits. These perks, also known as "benefits in kind" can include: bonuses; profit sharing; free meals; use of a company car; pensions; stock options; pension plan contributions; tuition assistance and childcare other benefits and perks that are provided by companies in addition to the employee's salary. Fringe benefits are not required by law and vary from employer to employer.
There are employee benefits questions you should ask to ensure that your overall compensation plan is right for you and your family. Also, ask specific questions based on your needs and on the criteria that are important to you. When you receive a job offer, the employer will present you with a compensation package that includes a base salary and potentially other benefits. You may choose to negotiate for a better compensation package if you believe that the offer is not in line with your skill set, education, career level or other strengths.
Hope this was Helpful Denise
There is a wide variety of potential benefits packages that employers can offer. Benefits can be provided at the employee’s expense or the employer’s expense or covered by both the employer and employee. A compensation package is your base pay plus other benefits. When considering a job offer or a raise, it is critical to take into account not just the base salary, but the entire compensation package that is offered.
YOUR COMPENSATION PAKAGE IS YOUR BASE SALARY PLUS BENEFITS
BASE SALARY – base salary or base pay is the initial rate of compensation that you receive as an employee in exchange for your services. Base pay is expressed in terms of an hourly rate, or a monthly or yearly salary. In other words, a job ad that promises a base pay of $20 per hour means that the employee would earn a salary of $20 per hour worked, or $160 over an 8 hour day etc. Base salary does not include any extra lump sum compensation, including overtime pay or bonuses, as well as other types of benefits. When employers talk about “salary,” they are almost always referring to the base salary rather than the larger salary package. This broader package usually includes the base salary plus additional benefits or incentives (see below).
EMPLOYEE BENEFITS
Employee benefits are non-salary compensation that can vary from company to company. They are provided by organizations in addition to salary to create a competitive package for the potential employee. Depending on the company, these benefits may include: health insurance (required to be offered by larger companies); dental insurance; vision care; paid vacation leave; personal leave; sick leave and retirement benefits. These types of employee benefits are offered at the discretion of the employer or are covered under a labor agreement, so they will vary from company to company.
ALWAYS REVIEW YOUR EMPLOYEE BENEFITS PACKAGE
Whether you are considering a new job, deciding on a job offer, or happily employed, it's important to review what benefit coverage is provided by the company and to decide whether the employee benefits package is one that fully meets your needs. It's also important to take full advantage of what the company provides to employees.
FRINGE BENEFITS AND/OR PERKS
Other benefits can vary between industries and businesses and are sometimes referred to as "fringe" benefits. These perks, also known as "benefits in kind" can include: bonuses; profit sharing; free meals; use of a company car; pensions; stock options; pension plan contributions; tuition assistance and childcare other benefits and perks that are provided by companies in addition to the employee's salary. Fringe benefits are not required by law and vary from employer to employer.
There are employee benefits questions you should ask to ensure that your overall compensation plan is right for you and your family. Also, ask specific questions based on your needs and on the criteria that are important to you. When you receive a job offer, the employer will present you with a compensation package that includes a base salary and potentially other benefits. You may choose to negotiate for a better compensation package if you believe that the offer is not in line with your skill set, education, career level or other strengths.
Hope this was Helpful Denise
Thank you !
Updated
M’s Answer
Depends upon Company benefit policy.
Updated
John R’s Answer
There is nothing free in this world... except maybe this information.
There are 2080 hours in a work year. 40-hours week x 52 weeks in a year.
With that said, take the dollar value of all the benefits added together and divide by 2080 (hours).
This will give you the hourly benefit value which you can add to hourly wage rate,
Remember someone younger and not married will be in a higher tax bracket. Go for the benefits that wont negatively impact your taxes negatively. Example: more vacation time, more paid sick time.
Watch and ask about the terms of vacation time. Example: accrual rate, are you paid for unused time if you separate from the company, can unused time be carried from year-to-year.
If you are young enough and covered under your parents insurance and not currently needed, ask the value of the insurance and would the company provide financial compensation since to you since they will have a savings.
There are 2080 hours in a work year. 40-hours week x 52 weeks in a year.
With that said, take the dollar value of all the benefits added together and divide by 2080 (hours).
This will give you the hourly benefit value which you can add to hourly wage rate,
Remember someone younger and not married will be in a higher tax bracket. Go for the benefits that wont negatively impact your taxes negatively. Example: more vacation time, more paid sick time.
Watch and ask about the terms of vacation time. Example: accrual rate, are you paid for unused time if you separate from the company, can unused time be carried from year-to-year.
If you are young enough and covered under your parents insurance and not currently needed, ask the value of the insurance and would the company provide financial compensation since to you since they will have a savings.
Douglas Lemmo, P.E.
Consultant, Owner at Power Generation Consulting Services
132
Answers
Updated
Douglas’s Answer
Hi,
There are many types of Insurance: Health Insurance, Life Insurance, Accident Insurance, Personal Liability Insurance, Automobile Insurance and Errors and Omissions Insurance (Professional Liability Insurance) and there are probably others, but these are the main ones. If you go to work for an engineering company you most likely get the Professional Liability Insurance "free" . The rest you will either pay for either wholly or in part, depending upon the company you work for and their benefits program.
Good luck,
Doug
There are many types of Insurance: Health Insurance, Life Insurance, Accident Insurance, Personal Liability Insurance, Automobile Insurance and Errors and Omissions Insurance (Professional Liability Insurance) and there are probably others, but these are the main ones. If you go to work for an engineering company you most likely get the Professional Liability Insurance "free" . The rest you will either pay for either wholly or in part, depending upon the company you work for and their benefits program.
Good luck,
Doug