Here on this page, we will discuss the benefits that the employees of General Electric enjoy. Different benefits packages have been designed for the employee to enjoy, catered for by the organization. These benefits include but are not limited to GE retirement benefits, GE pension, and many more benefits. Employees of this reputable organization present you with various employee advantages that will help you maintain good well-being. It will also balance other aspects of your life. Here, let’s know about GE Employee Benefits.
Here is a general insight into the benefits you stand to gain as a new employee or an old employee. The Adoption of the advantages has its basis on some conditions that might have related to your career. In the next section, we will explore the benefits in detail.
About GE
GE is a short form for General Electric and American company established in 2892 by the famous JP Morgan. GE has become one of the giant conglomerates specializing in mechanical and industrial engineering in its establishment. Moreover, the organization has a diverse sector that serves the digital industry, renewable energy venture capital, finance aviation, and other segments of the corporate sector. As of the end of January 2020, they recorded that GE had over 283,000 employees who perform various tasks for the organization. This number of employees is catered for by the GE benefit scheme, which helps relieve the pressure of life and work balance on its employees.
GE Electric Benefits and Perks Details
They provide different benefits for GE employees, including health insurance plans, retirement savings, and many other benefits that this piece might not consider. However, some significant benefits that cannot exclude from this piece include;
Health insurance
There is various medical insurance that GE provides for its employees. This health insurance covers aspects of employee health, including dental health, Vision health, accidents, and many more.
- Medical Insurance: GE medical insurance is all-encompassing health insurance that helps employees take care of their health situation. Medical insurance covers known diseases that any medical center can quickly treat. Although there are various medical insurance options, an employee can opt for this based on their preference. The organization has developed an employee medical insurance document that adequately explains the type’s health insurance available and who is eligible for such health insurance. The health care plan is in partnership with Blue Cross Blue Shield Association.
- Dental Insurance: To help you play a vital role in your dental insurance plan, GE provides you as their employee with different dental benefits designed to take care of you and your family. There are two dental insurance packages offered to the employee: the Dental Schedule Option and the Dental Premium Option: The dental schedule option covers only the vital and primary diagnosis. In contrast, the premium option covers all the services provided by the dentist.
- Vision Insurance: The organization designed the Vision insurance plan to help you cater to your eyes. The benefits offer you access to eyeglasses frames while you have the opportunity to cover you and your family member in the primary vision insurance plan. In addition, there is a GE vision plus strategy that offers you additional vision healthcare plans, and you get to have a deductible amount of your choice for the service.
- GE Healthcare savings account: some medical treatments are very complicated, and you would need a considerable sum of money for such treatment. With GE medical savings, they provide a medical savings account that isn’t pre-taxed. You can choose from various options, including options 1 or 2, or the waive medical coverage. The health saving account is also provided based on the Limited Purpose Flexible Spending Account (LPFSA), Health Savings Account, or the Health Reimbursement Account (HRA).
Of course, other benefits are available for the employee under the health and medical care of General Electric.
Retirement Saving
GE focuses on helping you to manage your financial goal by creating a retirement saving account through the GE Retirement Saving Plan. These plans have various mouthwatering features that help you prepare for the retirement stage of your life. In addition, the account includes valuable tax benefits, where you can choose to invest your savings.
- Your contribution: With the help of GE RSP, you are eligible to pay 1 to 30 percent of your annual salary as a contribution to your RRSP account as soon as you join the organization. They design plans to avail you of three different options: pre-tax, Roth, and after-tax.
- The company contribution: You are also eligible to benefit from the company contribution that matches your deposit into the RSP account. GE will match your donation with 50 percent of your personalized assistance up to 8 percent, so this means for every $1 of your RRSP saving, you are eligible for an additional 50 cents contribution by the company.
- Additional Features: there is a different plan that GE has created for employees who desire to take their RRSP to another level. You are allowed to take out loans from your RRSP account or withdraw money while you are still working with GE or its affiliates.
Accidental Death & Dismemberment and Disability
While GE provides you medical insurance for health-related issues, other severe medical conditions are catered for by GE. The GE disability benefits give the employee an option to access payments for conditions that will not allow you to get your work done again. GE offers two disability program options they include
- GE Salary Continuation program: This program provides you with salary income for an incapacitated short term. It could include extended sickness, injuries, and other severe medical conditions that impair your health and work performance.
- THE Long Term Disability Income Plan: this program continues to pay you long-term after being disabled. However, the basis of payment would be on a percentage of your annual salary.
Paid Time Off Option
At GE, they appreciate your wellness, and the employee is eligible for some time off options which include but are not limited to personal business time off, Personal illness, vacation, holiday, and other time off from work;
- Vacation: the number of days accessible for you as a GE employee for paid leave is dependent on the number of years you have worked with the company. Continuous service with the company increases your number of days for paid vacation.
- GE paid parental leave: Employees of GE are eligible for about two weeks of paid time off as a new parent either due to childbirth or the adoption process. However, you must file a Paid Parental Leave request with the Leave Administrator of your company before they can process your benefits.
Work and Family
GE offers you different benefits that they designed to help you maintain a balanced work and personal life. In addition, General Electric provides some advantages, including GE Emergency aid family plan, GE Adoption, Assistance program, Education benefits, GE Transit, and Parking Account Services.
Conclusion
If you are working with GE, you can easily enjoy loads of benefits as an employee. In addition, there is much other work-life connection you get to enjoy while working with General Electric. Your eligibility to use at GE depends on factors like your current role, your job experience, the position you hold at the organization, and many more.
FAQS
Do GE employees get discounts?
They always provide employees at GE and their family members with discounts by the organization. Special pricing, perks, and discounts on products and services are the benefits that are available for employees. For example, they provide you with discounts on travel, insurance, cell phones, movies, and other delivered items.
When can I collect my GE pension?
You can only access your GE pension savings after you have reached the retirement age, which is 65 years. However, some pension plans allow you to gain access to your pension savings after clocking the age of 55. Indeed, not all pension plans will enable you to have this option.
