Chapter 2, Section 2-4

1. Chapter 2, Section 2-4 Benefits & Job Expenses

2. I can… • Find the total job benefits • Find the net job benefits • Compare the net job benefits of jobs

3. What are employee benefits? • Also called “fringe benefits” • Employers provide other things to their employees besides wages • Low cost health care/insurances • Paid holidays/vacation time • Sick leave • pension • Company car • Uniforms • Child care • Education • Recreational facilities • Credit unions

4. How do you know what your benefits are? • It can be stated in money amounts OR as a benefit rate, which is a % of gross pay. • Employee Benefits = benefit 1 + benefit 2 • Employee Benefits = benefit rate x gross pay • When considering different job offers be sure to take both wages and benefits into consideration. • Total job benefits = gross pay + benefits • Example 1, p.59 • Check your understanding A & B

5. So how much of my benefits do I really get to put in my pocket (net)? • To find out you have to calculate your “net job benefits.” • First figure out your job expenses. • Examples: • Union or professional dues • Commuting expenses (how much it costs to drive) • Uniforms • Licenses • Tools • Net job benefits = total job benefits - job expenses • Example 2, p. 60 • Check your understanding C & D

6. So how do I decide which job is better if I have a few to choose from? • You should think about the following things when comparing jobs: • Net job benefits • How much you like the jobs • Likelihood of getting a raise or promotion • Chances of layoffs • Job security • Example 3, p. 60 • Check your understanding E & F