What Your Job Benefits Are Really Worth

My company before I retired as Plant Manager would give us an annual summary that included our benefit package costs. When I looked at it I thought no way in hell could I afford my benefits one way or another,,,it actually was 35% of my base wage as you pointed out. I thought at one point I was being underpaid ( and I was ) but when you factor the benefits for health it was a real jolt. When I retired I still don't have to pay for health benefits and that is a fast dying benefit let me tell you. I feel horrible for others following me who won't get these benefits much less after retirement.

On the flip side, do you find these benefit packages to be entrapping? I mean, its money you will never see, but the fear of needing it keeps you stuck in jobs you might have otherwise left long ago?

I always wonder if that is occuring or not. Here in Canada, the benefits packages just don't seem to factor into the collective conscience so much, and that might be because of our universal health care and pension program. But, then again maybe not. I certainly don't want to spark off a "our health care system is better than your health care system" debate (even though its true )

Cheers

Cy

[SeanGAR]

you may wrinkle your nose at that 7.65 percent deduction on your pay stub. But don't forget that for every cent you pay, your employer matches it. That means if you're earning $42,000 annually, your employer is paying an extra $3,200 a year on your behalf. Granted, there is a lot of uncertainty about the future of these programs -- but at the very least, they're helping to take care of your parents so you don't have to.

My parents are dead. I'm taking care of somebody else's parents ... oh joy.

I feel ill when I look at the ridiculous deductions. Why should I pay for medicine for others? I pay for my own.

Originally Posted by Cyanide

On the flip side, do you find these benefit packages to be entrapping? I mean, its money you will never see, but the fear of needing it keeps you stuck in jobs you might have otherwise left long ago?

I always wonder if that is occuring or not. Here in Canada, the benefits packages just don't seem to factor into the collective conscience so much, and that might be because of our universal health care and pension program. But, then again maybe not. I certainly don't want to spark off a "our health care system is better than your health care system" debate (even though its true )

Cheers

Cy

Good question as here in the States we don't have Universal healthcare and we have to really be studious when it comes to what we want,,how much we need. In a perfect world we'd like to forgo health insurance altogether and have something that kicks in when the unforeseen happens. In the states we are also able to obtain extra insurance in the event we become disabled from illness or injury at a rate I paid myself for 1% of my monthly income,,pennies for great protection. I paid for that and it's a good thing I did because I became disabled from an illness in my 25th year of working for my company. This allowed me to retire with 80% of what I was making and then with my additional retirements from my union and company I was up to 110% of my pay,,,the best part is that I paid for my insurance myself which made it non taxable. One thing you can't do is play poker with your health care,,you just never know what life is going to throw at you.

[Scottw]

I know just in healthcare for my wife and two kids (my co. pays for mine) it costs $908 per month. It's crazy.

[Buena Fortuna]

Originally Posted by Cyanide

On the flip side, do you find these benefit packages to be entrapping? I mean, its money you will never see, but the fear of needing it keeps you stuck in jobs you might have otherwise left long ago?


Cy

I understand what you are saying about $ that is never seen, but what is the difference if they put it in your pay and then you turn around and pay for your benefits? No difference in my mind. As long as your employer has integrity and you can trust them to make the payments, I prefer it that way. I don't think it's a trap, and there is no question that you need it. The only thing that keeps you at a job is you.

If you do what you love, you will never have to work a day in your life...