Benefits

So, I’m sure everyone has heard that benefits are key to determining the value of the job. I decided to see what it looked like from a practical perspective.

I get the following direct benefits each pay period:
1. Term Life Contribution – 0.90
2. Matching 401k Contribution – 103.58

Additionally, a certain portion of my income is excluded from taxation. We are currently in the 15% tax bracket, so these numbers will be off of that:
1. Medical Plan Tax Savings – 8.38
2. Dental Plan Tax Savings – 1.30
3. Flexible Spending Account Tax Savings – 2.14 (Flexible Spending Accounts are great for many other reasons. I can buy medicine untaxed AND I get the full yearly contribution up front so high medical costs early in the year won’t put us into a pinch)
4. Parking Space Tax Savings – 1.50

Additionally, SCANA pays about 80-85% of the costs for our medical plan. I pretty solid numbers for that, but I don’t for the other types of insurance, but assuming the other types run the same:
1. Medical Contribution – 261.63
2. Dental Contribution – 39.50
3. Life Insurance – 9.34
4. Spouse Life Insurance – 2.10

Total all this together: $430.37 per pay period, $11189.62 per year

Now, if you take that with my base pay and take into account that I get 120 hours of vacation per year and 10 vacation days (counting my floating holiday), the total comes out to me making 38% more per working hour than I do with a straight analysis excluding vacation and benefits.

I bet you smarties out there could work backwards and guess how much I gross per year. I dare you to if you don’t already know! If anyone can get within $500 either way, I’ll give them some sort of prize. You have to show your work though! 🙂

Edit 9/27/07: I just realized that I forgot to include the standard pension that SCANA offers. There is a chance I’ll never see that money (I have to stay at least 5 years to be vested), but if I did see it, it would be 5% of eligible earnings up to the Social Security wage base; and 10% of earnings above the Social Security wage base (the Social Security wage base is $97,500, so I don’t even need to consider that). Additionally, 1/12 of a 4.68% interest rate is applied each month to this balance (I think the balance is based on Treasury Bill rates each January). Anyway, I think that comes to an additional $2301.95 a year or so.