Many companies offer a variety of employee benefits to their staff in order to make them satisfied and work for the company with strive. Among them, Coles Group also many stuff to offer its employees which includes health benefits, retirement plans, vacation and sick leave. These employee benefit plans help the employees to protect their family from economic hardship which occurs through sickness, disability, death and unemployment.
Even after the retirements, users can use the benefit programs as an ultimate source of income that helps them to live comfortably after their retirements. For this, employees need to be a part of certain legal benefits and insurance plans such as Social Security, Unemployment insurance and Worker’s Compensation. The Social Security benefit is a program where employees are compelled to fund from their payments which are deposited into the insurance fund and eventually provides income during retirement periods.
The employees of Coles company can receive their deposited fund at the age of 65. There are some additional benefits which also involved in social security deal such as survivor, disability benefits, Medicare and Medicaid. Coming to Unemployment insurance benefits, it is a benefit where employees are been paid under the laws of Federal-State Unemployment Compensation Program. The compensation contributed to the program are based on the employee’s total payroll. This benefit absorbs the unemployment of those workers who have been suffered from occupational illness or injury.
Coles Employees can login into mycoles portal to access the benefits and view the schedule
Health, Disability and Life Insurance Plans
Coles also provide medical and dental plans to its employees along with disability benefits and life insurance.
Medical and Dental Plans
The most devastating situation for the employees comes when they are been suffered from a serious illness and injury. This threatens their health condition and economic well being. Coles know this situation very well and hence they provided an adequate health insurance program for its employees. The reason why Coles has adopted this benefit plans into their list is to mitigate the anxiety of their employees regarding health care cost. This also attracts employee’s group health plans and make a business success.
The employees who are not able to carry the work due to illness or accident, the disability plans provide income replacement for them. Their compensation basically different from the other workers as they pay benefits for non-work related illness or injury. There are two types of disability benefits, namely short-term disability and long-term disability. Short-term disability is a benefit program where employees can get compensation for their non-working days up to 70-80% when the met with accident or illness. The long-term disability benefits start after short-term benefits include which may carry early retirement plans.
Life Insurance plan carries death benefits where beneficiaries of employees receive money when employee get died during their working years. There are two main types of life insurance, namely Survivor Income Plans and Group Life Insurance Plans. In Survivor income plans, survivor receives the regular payments from the Coles company while Grom life insurance plans carry the lum-sumps payment to specified beneficiaries.