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Employee benefits - Assignment Example

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Richemont Company in Switzerland is the second biggest luxury goods firm globally and eighth biggest according to the Market Index of Switzerland by 2012. The company owns numerous globe’s leading firms in the area of luxury commodity. The company has an efficient code of…
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Employee benefits
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Download file to see previous pages include, vacation and sick leave, health insurance, pension plans and proper remuneration according to the local standards on minimum wages and working duration.
The organization executes annual health and safety day where health consultants and safety experts advise the employees and carry out health assessments on employees. Besides, the employees are informed on safety compliance and health as well as compliance to environmental protection. The blood pressure of employees is measured and fresh up massages. The company allows a maximum of 6 months of sick leave for its employees but with no pay. The company has a policy of not forcing its employees to work; the only remedy for this is to deduct salaries. The directors are paid compensation in terms of pension plans, stock option plan at market price among other related benefits.
The employees are offered an employee Benefit Plan 401(k) as well as single employer plan, health insurance cover which is deductable from their basic pay (Finance Week 23). The health insurance for employees is compulsory for all permanent employees. The temporary or contract employees are required to organize for their own personal health insurance prior to signing their employment contracts. The executive employees have other benefits which tied onto performance but majorly linked to the stock options plans. The executive employees receive the highest compensation in the company depending on the extent of output of the organization and its investments.
Richemont Swiss offers life insurance to its employees, which is optional and deductable from the basic pay of employees. This comes after an agreement with the employees from the deduction on their pay. Besides, the organization has other health benefits such as dental benefits, long term disability for the employees in line of duty, temporary disability benefits such as accident and sickness, death benefits which comprise of travel accidents with exclusion of life assurance. The ...Download file to see next pagesRead More
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