What I realized was that most people knew about the basic benefits like healthcare, 401(k), and paid vacation time. What they didn’t know was there are more employee benefits to ask about.
6 Little Known Employee Benefits You Should Ask About
Here are a few of the little known employee benefits you may want to ask about at your job (or when hunting for the next one).
This post was written by Amanda Abella – a fantastic speaker and author of personal finance.
1) Student Loan Repayment
Companies are starting to consider offering student loan repayment as one of their employee benefits. Quite frankly, there’s a demand for it.
Only about four percent of companies currently offer this, so it’s still pretty new, but it doesn’t hurt to ask. Who knows? You may even spearhead the initiative at your place of employment.
2) Tuition Reimbursement
While tuition reimbursement isn’t exactly a little known employee benefit, it is one not enough people take advantage of.
Plenty of companies out there will foot at least part of the bill for you to go back to school. For example, my best friend is currently pursuing her Masters in Public Administration and her employer is paying for the whole thing.
Going back to school and upping your skill-set could help you make more money and even help you recession-proof your job, so make sure to ask your employer about whether or not they offer tuition reimbursement. If you can avoid taking on debt, go for it.
3) Life Insurance
I was recently having a conversation with someone who works at a life insurance company when they mentioned how most people have no idea that life insurance is likely a part of their employee benefits.
Granted, what your employer offers may not work for you and your family, but it’s worth asking about.
4) Cell Phone
Did you know that some companies offer to pay for cell phone bill as a part of your employee benefits?
Since we’re constantly connected and always working, some companies have taken it upon themselves to either pay for their employees’ phones or get some sweet discounts from service providers.
5) Gym Membership
I have a friend who gets a debit card from her employer each month for fitness related activities. The card is pre-loaded with $600 each month and she can use it for whatever kind of fitness classes she wants.
I should point out that she works for an athletic wear company so fitness is a big deal to them, but tons of companies out there are willing to pay for gym memberships as a part of employee benefits. The smart companies know that it will cost them more money in lost productivity to have sick employees than it will to just pay for their gym classes.
6) Transportation Stipend
Depending on what you do at your job, some companies may give you a stipend for transportation. I did see this more for companies in which employees had outside sales jobs or had to travel a lot for work, but I have heard of others who will at least pay for your metro card.
And, just recently, Uber partnered up with WageWorks to allow employees of companies to use their pre-tax dollars to pay for Uber Pool rides. Right now this is only available in major cities, so if you happen to live in one make sure to take advantage.
Employee benefits can save you a lot of money if you know what’s available. After all, if you’re going to be working for someone for 40+ hours a week, you might as well get as much as you can out of it.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.