Assignment #3 Benefits Plan Design

Average Yearly Wage Average Hourly Wage Dollar value of yearly benefits (per employee) Total Compensation (wage + benefits) Daily average number of hours paid 3% Implement deductible ($50 anually): *Health Care (10%) *Dental Plan (15%) Deduction of benefit: *Eliminate 10-min paid break Coordination with legally required benefit: *Integrate CPP with Lightning Industries pension plan (subtract CPP payout from pension benefit)(15%) $2460 - $1647 = $813 Improved claims processing for: *Short-term disability (20%) *Long-term disability (5%) Require probationary period (1yr) before eligible for: *Discounts on goods (10%) *Contributions to employee savings plan (10%) Co-insurance (80%): *Healthcare plan (20% is covered by Lightning Industries)
Uploaded by ProfField1150 on