Costco Employee Benefits and perks | Costco Wholesale Corporation, or Costco, is well-known across the world for its low prices.
But I’m familiar with Costco because of the employment benefits it offers.
You’ll be astonished to learn about the perks and bonuses (Costco employee benefits) that Costco staff receive on a yearly basis.
Costco has a tight policy for its consumers, yet it is relatively forgiving with its staff.
I’m not talking about labor here, but rather discounts.
So, we’ll go over all of the perks and benefits that Costco employees receive, as well as the eligibility requirements.
So, if you want to learn more about Costco employee benefits or advantages, continue to the guide.
5 Costco Employee Benefits & Perks You must Know
If you are a Costco employee, there are certain things you can do and certain things you cannot.
First of all, you can shop in the store at any time. So if you need to pick up the shower curtain rods, or bake the bread at 4 am – there is a supermarket located near your house where everything is available 24/7.
Secondly, Costco employees receive several benefits when they work at this retail giant. I am going to enumerate all of them.
They get discounts on food and beverages (about 10%), as well as medical services (about 20%).
Not to mention that employees pay only about 25% for their health care services and 55% for dental procedures.
Thirdly, Costco workers can enjoy their vacation time. Ok, it is not a lot – just 20 days per year.
But it is more than the average period of paid vacation in other companies (16.8 days) and even the law-imposed requirements for employees with disabilities (15 days).
The company website states the following: “Employees are expected to take their paid time off when they need it and make every effort to reduce stress by using that time strategically”.
What are these employee advantages like?
How much do they cost Costco?
Well, we will find out in this article. But first, let’s explore what is behind these perks and benefits.
1. Insurance, Health, and Wellness
“After working 600 hours or 180 days, you become benefit-eligible on the first of the month, following your 90th day of employment” (SOURCE: Costco Employee Benefits Handbook).
Costco employees can make use of the generous insurance plan that the company offers. It includes health, dental, vision, and supplemental life insurance plans.
We will go further in-depth here on what each of these insurance plans entails. Now let’s discuss all these benefits one by one.
First comes the medical services.
According to a Costco employee review at glassdoor.com website that I was able to access recently, “The medical coverage is outstanding”.”The medical services offered by Costco include General Health, Vision Care, Dental Care, and Prescription Drugs”
2. Financial and Retirement
Costco provides financial stability too. It includes a 401 k plan, retirement plan, employee stock, purchase plan stock option, supplemental worker’s compensation, charitable gift matching, and performance bonus.
3. Costco Retirement Benefits
This is a program that Costco created. It allows employees to save for the future in an easy and simple way – it’s called a savings bond.
The rate of return on these bonds is variable and is subject to change.
This program was designed to provide more flexibility and a more dependable method of saving and investing for future needs.
Costco pension plans are some of the most generous in the industry.
4. Costco Employee Membership Advantages
Employees of Costco can receive free membership – but only after working for a period of six months.
They also have to be at least 18 years of age to attain the privilege. It is a company policy that associates must be Costco members.
One of the reasons for this policy is that Costco wants its employees to enjoy the perks and privileges that their paid membership provides.
The package costs $55 per year, or $100 if your spouse also wishes to become a member of Costco.
That’s still cheaper than the price in other supermarkets, however, you will hardly find a better offer elsewhere.
The same goes for consumer goods and household goods stores like Walmart or any online store like Amazon etc.
5. Vacation and Time off
Who doesn’t want paid time off? After working daily for this many hours, Cost plans your vacation too.
Paid Time Off is a major deal, and the Costco perks aren’t bad too.
After you’ve worked for a year and accumulated at least 2,000 paid hours, you’ll be able to start accruing paid time off.
Paid Time Leave is earned depending on years of employment and is calculated as follows:
- 1 week PTO after 1 year of work
- 2 weeks PTO if you’re between the ages of 2 and 4.
- PTO for children aged 5 to 9 years is three weeks.
- PTO for children aged 10 to 14 years is four weeks.
- 15+ years: 5 weeks of paid time off
If you work fewer than 2,000 hours, your PTO will be prorated. It’s also worth noting that you can only roll your PTO over to the next year; it can’t be carried over from year to year.
Costco wants you to make use of your vacation time…so take advantage of it before it’s too late.
Paid Time Off is a huge deal, and these Costco perks aren’t to be sniffed at.
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After reading this guide, you’ll find Costco an interesting company with lots of advantages and perks.
Costco is constantly upgrading new lucrative in the list in order to attract employees for this hectic and manual work.
Hope you find the article useful.