Perhaps you decide to head in a different direction and try something new in life. Maybe you thought a change of avenues would be good for you. Maybe you want something that offers better pay and benefits. In this article, we are going to see about Capital One Relocation Package.
Relocation Package offer you a chance to change gears by mitigating the costs of a move. Capital One strives to make things easier for anyone thinking of a location change. Their relocation packages make the transition easier as you try to jump through personal and legal tax hurdles. However, before you buy into it, you need to understand what exactly you are signing up for.
What is a Relocation Package?
Companies sometimes offer employment options over 50 miles away from your present location. If you do decide to take the job, then you have to figure out the logistics of moving your entire life over 50 miles to a new location. A nicely planned out relocation package helps get rid of the stress of moving expenses and gives you an incentive to accept the job offer. The hiring company covers the costs of the move and it also reflects well on the company’s reputation if they show they effectively recruit talent.
How Do You Qualify for the Capital One Relocation Package?
You qualify for the Capital One relocation package if:
- You work full-time as an associate and are granted access to relocation benefits by Capital One.
- Capital One asks you to relocate and they grant you the relocation benefits.
- The expenses for the relocation are acquired within a year of the transfer date.
- The distance between your current location and the new location is over 50 miles compared to the distance between your current location and your previous work location.
How Does the Package Cater for Families?
Under Capitol One policy, the benefits of the relocation package cater for an individual, their spouse, and dependent children that live with the individual at the time they choose to accept any such job offers.
What are Some of the Requirements to Keep Track of?
- Time limit
- Lump-Sum Agreement
- Shipment of Goods
- Repayment Agreement
How do I Keep Track of My Records?
The relocation process needs to be done and managed carefully. Those undergoing relocations are advised to carefully manage records and receipts of all their expenses. Payment for transportation of goods is covered by Capitol One. Invoices for the expenses are processed and paid by Capitol One.
Time Limit: How Long Do I Have for the Relocation Plan?
The relocation process should happen within a year. The process is prohibited from going beyond the employee’s start date at their new work location. This all includes transportation of goods and the payment of the lump sum.
What is a Lump Sum Agreement?
A lump sum represents a single payment to be made at a particular time as agreed upon between parties. Capital One provides a lump sum to cover the expenses for the move. Expenses such as lease cancellation, house hunting, temporary accommodations, transportation to the new location, and incidentals. The lump sum is available to employees once they have agreed to repayment. Employees are free to use the lump sum as they see fit per their needs and the needs of their families. Funds not used for relocation can be kept by the employee.
Shipment of Goods
All the usual costs for packing, loading, delivery, and transportation of household goods are of course covered by Capital One. They also cater for moving larger objects and for one-time collection of boxes and packing materials. Capital One has preferred moving companies in its network to help with shipping goods. Once requested, moving companies survey the location to ascertain how much space is needed and the best dates to deliver and load the goods. Employees work with a move coordinator to establish the best dates and times for when you can expect your goods to be delivered. Deliveries take place on weekdays and the employee has to be available to accept the deliveries.
What is the Repayment Agreement?
Employees undertaking the relocation program have to sign a repayment program. The repayment agreement involves an agreement to repay Capital One for the movement costs in the event of your withdrawal, resignation, or termination from your new position, 24 months from the start date. A schedule is formulated and agreed upon under which you would need to pay back the relocation benefits.
Capital One aims to provide a safe experience for you and your family. Preparing for change can be a difficult experience. That is why the Capital One relocation program works to reduce the stress and financial constraints of moving to an entirely new environment. Moving can be a challenge and Capitol One is dedicated to ensuring that high expectations are met and high-efficiency standards are set and maintained in customer relations.