Wal-Mart Employees Lose Their Profit Sharing Benefits
The United States' largest private employer, Wal-Mart Stores Incorporated, has announced that they are making plans to put an end to all contributions that they make automatically toward their employee's profit sharing.
Wal-Mart Stores Incorporated is revamping their employee's benefits packages in order to give their employees a much better chance to participate and share in the financial success of their employer.
The automatic contribution to their employee's profit sharing accounts will be replaced beginning February with a new plan set up as a retirement plan for the employees where up to six percent of the employee's pay will be contributed.
However, there is a catch, which is simply that in order for the employee to get the contributions up to six percent, then they must sign up for the retirement plan and contribute an equal amount of their pay into the retirement plan themselves. Of course, employees could be saving up to twelve percent towards their retirement each pay day with this new retirement plan.
The compensation of all employees who have worked for over a thirteen month period for the Nation's largest retail chain, then their payments equaled more than four percent.
Along with the new benefit plans that Wal-Mart has set up for their employee's, they are planning to set one thousand dollars into a health care account for each employee to help them cover any eligible extra medical expenses that they have have prior to having to pay any deductibles.
The new benefit plans have the potential to allow the employee's of Wal-Mart receive an even larger bonus when the Wal-Mart Stores, Incorporated does well themselves, which includes the stores, warehouse club, and distribution centers.