Every organization has different systems and different benefits that some pay for and that some don’t and it is done by choice of the employee. The GWC Valves organization tends to actually have several voluntary employer-sponsored benefits but not every employee chooses to take them. The different voluntary-employer-sponsored benefits include life insurance, supplementary healthcare and medical insurance, retirement benefits and employee assistance plans.
When it comes to life insurance, most employees in the company will choose this as one of their voluntary employer-sponsored benefits. There are three different life insurance packages such as a group life insurance, which is life insurance provided at lower rates for all employees, including new employees, regardless of health or physical condition. There is also accidental death and dismemberment, which is a fixed lump sum benefit in addition to life insurance benefits when death is accidental. The third option is critical illness insurance, which once again is a lump-sum benefit for an employee who is diagnosed with and survives a life threatening illness. The supplementary healthcare and medical insurance once again also has insurance at group rates so that it is more affordable for individuals. There are four different types, which include deductible, which is an annual amount of health, and dental expenses that an employee must pay before insurance benefits will be paid. There are also mental health benefits plans available for certain employees. Cover expenses is the second type which involves being covered for vision, hearing aids, dental services often again with deductibles. Coinsurance is the third type, which is a percentage of expenses that are paid for by the insurance plan. The last one is retiree health benefits from short-term disability or long-term disability, for example with sick leave, life insurance, drugs and private and semi hospitals. The retirement benefits include employer-sponsored pension plans and there are two categories including a defined benefit pension plan and a defined contribution pension plan. There is also phased retirement, which involves a reduced workweek, and you slowly ease into retirement and supplemental retirement which is for high earners. The EAP is for employees who need to take time off for personal reasons and it helps the employee cope with their problems and reduce their stress. It is in place to lower employee absenteeism.