Module 1.3 Evaluate Salary and The Total Compensation Package   1                          Module 1.3CORE PFRP FOR TRANSIT...
Module 1.3 Evaluate Salary and The Total Compensation Package   2         Cost of Living AnalysisWhen relocating, consider...
Module 1.3 Evaluate Salary and The Total Compensation Package   3Cost of Living Comparison                                ...
Module 1.3 Evaluate Salary and The Total Compensation Package   4Military to Civilian Pay               www.salary.com    ...
Module 1.3 Evaluate Salary and The Total Compensation Package   5O*Net Online Salary & Projected Job Growth**Median wages ...
Module 1.3 Evaluate Salary and The Total Compensation Package   6          A Pay ComparisonMonthly Military Pay (Single E5...
Module 1.3 Evaluate Salary and The Total Compensation Package   7          Compensation Comparison• Use “Compensation Comp...
Module 1.3 Evaluate Salary and The Total Compensation Package   8Personal Statement of Military Compensation‘Total Militar...
Module 1.3 Evaluate Salary and The Total Compensation Package   9             Benefit Package and Perks                   ...
Module 1.3 Evaluate Salary and The Total Compensation Package 10Benefit Package and PerksCompany A                        ...
Module 1.3 Evaluate Salary and The Total Compensation Package 11  Civilian Health InsuranceIndividual vs. Group Health Ins...
Module 1.3 Evaluate Salary and The Total Compensation Package 12                Methods of Covering Health Care Costs     ...
Module 1.3 Evaluate Salary and The Total Compensation Package 13              Continued Health Care Benefit Program (CHCBP...
Module 1.3 Evaluate Salary and The Total Compensation Package 14Consider These Comps
Upcoming SlideShare
Loading in …5
×

Compensation Packages

1,556 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,556
On SlideShare
0
From Embeds
0
Number of Embeds
293
Actions
Shares
0
Downloads
16
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Compensation Packages

  1. 1. Module 1.3 Evaluate Salary and The Total Compensation Package 1 Module 1.3CORE PFRP FOR TRANSITION Core PFRP for Transition
  2. 2. Module 1.3 Evaluate Salary and The Total Compensation Package 2 Cost of Living AnalysisWhen relocating, consider what could impact your financial plan – Salary – Housing – Utilities – Taxes (including tax benefits for veterans) – Food – Child care – Commuting costs, clothing, entertainment, school costs, climate, health insurance
  3. 3. Module 1.3 Evaluate Salary and The Total Compensation Package 3Cost of Living Comparison www.bestplaces.net www.bestplaces.net www.bankrate.com www.bankrate.com www.retirementliving.com www.retirementliving.com www.kiplingers.com www.kiplingers.com www.military.com www.military.com
  4. 4. Module 1.3 Evaluate Salary and The Total Compensation Package 4Military to Civilian Pay www.salary.com www.salary.com www.payscale.com www.payscale.com www.onetonline.org/crosswalk/MOC www.onetonline.org/crosswalk/MOC www.bls.gov/bls/blswage.htm www.bls.gov/bls/blswage.htm
  5. 5. Module 1.3 Evaluate Salary and The Total Compensation Package 5O*Net Online Salary & Projected Job Growth**Median wages (2010) & projected job growth 2008–2018
  6. 6. Module 1.3 Evaluate Salary and The Total Compensation Package 6 A Pay ComparisonMonthly Military Pay (Single E5 > Monthly Civilian Pay ($26/hr) 4 yrs) Base Pay $2487.60 Base Pay $4507.04 BAH $1671.00 Fed Tax $-751.14 BAS $348.44 State Tax $-213.33 Fed Tax $-310.02 FICA $-254.65 State Tax $-57.13 SDI $-45.07 FICA $-140.55 Medical $-183.00 Net Pay $3999.34 Net Pay $3059.85
  7. 7. Module 1.3 Evaluate Salary and The Total Compensation Package 7 Compensation Comparison• Use “Compensation Comparison” handout to compare compensation packages and track future job offers• Include retirement plans, healthcare, insurance, and other benefits• Consider what you will need for both replacement income and benefits
  8. 8. Module 1.3 Evaluate Salary and The Total Compensation Package 8Personal Statement of Military Compensation‘Total Military Compensation Package’
  9. 9. Module 1.3 Evaluate Salary and The Total Compensation Package 9 Benefit Package and Perks Which is the better offer? Company A Company A Company B $45,000 $45,000 $48,000 Annual Annual Annual salary salary salary Benefits Package:$200 @ month parking voucher worth $2400 No Benefits Package Free annual gym membership worth $720 Health care plan worth $700 annually
  10. 10. Module 1.3 Evaluate Salary and The Total Compensation Package 10Benefit Package and PerksCompany A Company B $48,820 $48,000
  11. 11. Module 1.3 Evaluate Salary and The Total Compensation Package 11 Civilian Health InsuranceIndividual vs. Group Health Insurance
  12. 12. Module 1.3 Evaluate Salary and The Total Compensation Package 12 Methods of Covering Health Care Costs INSURANCE PAY/SAVE ON YOUR OWN Health Maintenance Organization Three methods; each with their own rules: (HMO) MUST get care from providers who work Health Savings Account (HSA) with the HMO Flexible Spending Account (FSA) Health Reimbursement Account (HRA) Preferred Provider Organization(PPO): Designed to reimburse employees for out- More flexible than a HMO; can get care of-pocket costs (deductibles, co-insurance from provider of your choice/no referrals payments, eye exams, etc.) Point of Service Plan (POS): Check with your HR Department, or the IRS website (www.irs.gov) for the moreMore flexible than HMO but less than PPO informationPrimary Care Physician must be within the participating provider list
  13. 13. Module 1.3 Evaluate Salary and The Total Compensation Package 13 Continued Health Care Benefit Program (CHCBP)• For Service-members separating from active duty (& families) – Must be under other than adverse conditions – Eligibility is for up to 18 months of CHCBP health benefits after enrollment• Enrollment & Fees – Must enroll w/in 60 days of loss of military health care benefits – Coverage must be effective as of the date eligibility for military health care is terminated – Quarterly premiums • $1,065 (FY12) / $1,138 (FY13) member only • $2,390 (FY12) / $2,555 (FY13) member and family – Enrollees responsible for paying cost shares and deductibles
  14. 14. Module 1.3 Evaluate Salary and The Total Compensation Package 14Consider These Comps

×