Question about benefits of employment?

Question

So I'm doing a project in my Computer Applications class and we have to choose a job we would want and where we would work. We then have to make a monthly budget form of it. I chose a job as an Executive Chef with a salary of $85,000 but I didnt necessarily choose an employer. What type of benefits would I get from a job like this? What are the benefits anyways? (Health insurance? life insurance? home insurance?) Im only 15 years old, I dont know any of this stuff. Please dont say that it depends. If you had to choose, what percentage of my insurance(s) would my employer cover?

Answer 1

An Executive Chef does not come cheap.

Your employer will have to compete with other potential employers.  You are in the driver's seat.

You have the obvious benefits, like free food.

You have the other benefits, like employer-paid health care.  This means the health insurance will be paid directly by the employer, although indirectly by you.  Indirectly, because the cost of that coverage could otherwise be paid to you in cash.  You give up the cash, you get the coverage.

You may get life insurance.  Group term is most likely.

If you are really a great asset to the firm, you could obtain split-dollar insurance.  (This is where the company pays the insurance part of the whole life policy, and you pay the investment part of the policy...cash which you retain and may always have access to when needed or even desired.)

You could also be offered Key Man Insurance.   The company buys a whole life policy on you.  They own it.  If you croak, your family or estate will receive some; they get the rest.

Homeowners insurance is not going to be offered, unless somebody really thinks you are the greatest chef since my mom.

Doubtful.

Other benefits will be paid vacations and even sabbaticals.  You can even get to go to conventions at company expense.

Enjoy this opportunity on paper.  

6You may get it in real life.