Employee insurances

Social security and other insurance benefits

Compulsory insurances:
 

• Social Security charges are 6.2%, on a wage base of up to $87,900 
  (in 2004 - with yearly adjustment)
• Medicare charges are 1.45%, no cap

Both charges are compulsory, and are equal for employee and employer, i.e. 7.65% each.

• Workers Compensation
• Unemployment (different by state)

Customary insurance benefits:
 

• Medical/Dental/Life coverage. May be fully employer paid, or with a smaller or larger contribution from the employee.
• Many companies now offer 401(k) plans, which are pre-tax saving plans, basically designed to be 'portable pension plans'. Some companies offer a match for part of the employee's contribution.
• Short term disability (mandatory in some states) and 
• Long term disability

contributed by:
Ursula Baide 
Human Resources Administrator
Sulzer US Holding Inc.
555 Fifth Avenue, 15th Floor
New York, NY 10017 /USA


October 2003