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That can’t be true. How do the executives get better health insurance, 401ks, etc than the serfs?
by 0cf8612b2e1e 3y ago
That can’t be true. How do the executives get better health insurance, 401ks, etc than the serfs?
- haneefmubarak 3y agoTypically, they don't in literal terms. IANAL, but AIUI they may receive specific supplemental health insurance policies (that work on top of the ones they receive the same as any other employee) based on risk-to-business etc. Some of them choose to deposit a larger portion of their salary into their 401k, matched by the same rule the company uses for all employees (usually a X:Y match up to Z% of your specific salary).
- s1artibartfast 3y agoThat was my experience when I looked into setting up a 401k plan for my company. You can set them as a % of salary but it has to be the same for all employees. If you only want to give it to some, you have to fire the rest and bring them on as contractors.
- dmoy 3y agoI can't speak to insurance, but for 401k: They basically don't. In fact if the company fails fairness testing on the 401k plan, executive contributions to 401k can be clawed back (actually the bar is much lower - "highly compensated employee" above like $130k. So if Google directly employed all of its contractors, it would likely fail fairness testing on the 415 contributions to after-tax 401k, and all the Software Engineers pushing $70k or whatever a year into their 401k would have half of that disallowed by the government).