Costco has one of the most competitive benefits packages in the industry. Not only do we provide our employees with a full spectrum of benefits, but employees also may elect coverage for their spouse, domestic partner and children. The company pays a larger percentage of the premiums than do most other retailers, and employee-paid premiums are withheld pretax, which means you get to keep more of your hard-earned money. From safeguarding your health to planning for a secure future, you can put Costco’s benefits to work for you.
Hourly Paid Employees.
After completion of the 90 day probation period, all hourly employees are provided with the life insurance amounting to £20,000. This benefit is provided without any cost to the employee.
All salaried employees are provided with life insurance amounting to four times their salary. This benefit is provided without any cost to the employee.
Once you have been employed by Costco for one full year you are eligible to receive an Optical voucher up to a maximum value of £125 per calendar year. There is no cost to you for this benefit.
Once you have been employed by Costco for two consecutive years you are eligible to receive this benefit. There is no cost to you for this benefit. This plan will pay a certain amount towards your general dental costs, whether NHS or private. Exact details or cover levels and claim forms can be obtained from your payroll clear. Dental cover is also available for your spouse/partner. This is not however company paid, but offered at a discount.
EMPLOYEE ASSISTANCE PROGRAMME
This confidential programme, which is provided at no cost from the first day of employment, extends to employees and their families the confidential services of professional consultants and counsellors. Services are designed to address difficulties related to emotional concerns, relationships, substance abuse, and legal and financial concerns, while helping people to develop an action plan that offers real solutions to their problems. There is no cost to employees for this phone counselling and referral programme. Life management provides information on a wide variety of topics to help employees to juggle work and home priorities, including financial services, family care, assistance in coping with elderly relative and legal/consumer rights.
SHORT TERM MEDICAL DISABILITY FOR HOURLY EMPLOYEES
An hourly employee with three years or more service is eligible to make a claim for medical disability. This is 90% of your net salary for a maximum of 12 months. This insurance is for life changing medical conditions eg: cancer, heart attack, major organ transplant. A claim form needs to be completed and subject to insurance company agreement. Please contact your Warehouse Manager if you wish to make a claim.
If the claim is accepted you will be paid at full pay for the first 13 weeks of absence and 60% of any continued absence, up to an additional 13 weeks.
MEDICAL INSURANCE FOR SALARIED EMPLOYEES
All salaried employee are provided with medical insurance for themselves, their partner and dependent children, The cost of this benefit is paid by the company, although the employee has to pay a deductible £50 each calendar year.
LONG TERM DISABILITY PLAN FOR SALARIED EMPLOYEES
Costco provides long-term disability coverage at no cost for salaried employees. The current plan provides up to 90% of net salary after tax and NI contributions are paid. If a salaried employee is absent from work through illness or disability and is therefore unable to work after the 28 week statutory sick period, a claim will be processed on their behalf.
CRITICAL ILLNESS FOR SALARIED EMPLOYEES
This benefit is tax-free and represents 2 times the employee’s salary. It is only payable for periods of illness great than 30 days and is subject to the applicable terms of the relevant policy of Insurance and rules.