Many employers provide 401(k) or 403(b) retirement programs, health insurance and paid time off. Other common benefits can include life, disability and accident insurance. Some employers also offer child care, tuition assistance and shares of company stock.
Retirement programs are very useful because employee contributions are frequently matched by the employer and the benefits are deducted from pre-tax income. This has the added benefit of pushing some employees into lower income tax brackets, significantly reducing the amount of taxes paid on their income.
Health insurance benefits vary by both state and company, but employer options are typically less costly than private health insurance plans. Paid time off is frequently divided between holidays, personal time and sick days. While the amount of time varies between companies, major holidays are typically provided even if the company requires employees to take them on different days.
Companies frequently offer insurance benefits such as life insurance, accident insurance and disability insurance to full-time employees. Life insurance pays out in the event of the insured person's death, thereby covering burial costs and allowing beneficiaries a degree of financial security when the insured person passes. Accident and disability insurance policies are useful when employees are injured outside of the job. These policies pay out a portion of the employee's salary in the event of an accident or medical affliction.