|
About our Flexible Benefit Program
|
| |
Microchip Technology helps pay for coverages for you and your family. Any cost incurred by the employee is paid for on a pretax basis. Following is a brief description of the options available. As a full-time employee, you become eligible for these benefits on the first day of work.
|
|
Medical Coverage
|
| |
Microchip provides four different coverage options for you and your family. This allows you to balance expected expenses, higher deductibles for lower bi-weekly costs, and other coverages you may utilize.
|
|
Prescription Drug Program
|
| |
This program applies to all eligible employees and their covered dependents, regardless of which of the four medical plans you select. ValueRx provides an alternative mail order program for maintenance drugs.
|
|
Dental Coverage
|
| |
Microchip provides two different coverage options for you and your family. These plans include orthodontia co-insurance.
|
|
Vision Care
|
| |
All four medical plans provide specific coverage for wellness care which includes eye exams. Two voluntary discount eye service plans are offered to assist with the cost of glasses and contact lenses.
|
|
Employee Life Insurance
|
| |
Microchip pays for employee coverage up to a certain level. You may purchase additional life insurance for yourself and your family under the Group Universal Life program.
|
|
Group Universal Life Insurance
|
| |
Additional life may be purchased through this voluntary plan. Coverages for your spouse and children are also available.
|
|
Accidental Death and Dismemberment Life Insurance
|
| |
Microchip provides coverage up to a specific level. You have the option to purchase higher levels of coverage for yourself. You may also cover your spouse for one-half of the amount you elect for yourself.
|
|
Short Term Disability Coverage
|
| |
Microchip Technology pays for coverage up to a specific level.
|
|
Long Term Disability Coverage
|
| |
Microchip Technology pays for 60% of your base salary up to $1000 per month maximum. You have the option to purchase 66 2/3% of your base salary up to either $5,000 per month maximum $7,500 per month maximum.
|
|
Health Care Reimbursement Account
|
| |
This account allows you to set aside, on a pretax basis, $130 to $3,000 of your pay per plan year to assist you in paying for medical and dental expenses not covered by your insurance, like deductables and co-payments.
|
|
Dependent Care Reimbursement Account
|
| |
A separate account from $130 to $5,000 may be set up to pay for child care or elderly care on a pretax basis.
|
|
Health Club Reimbursement Program
|
| |
This plan reimburses 50% of your monthly health club membership fee, up to a maximum of $11 per month.
|
|
Employee Assistance Program (EAP)
|
| |
You and your family members can obtain professional counseling and referral services through our EAP.
|
|
Financial and Retirement
|
|
401(k) Retirement Savings Plan
|
| |
You may contribute a percentage of your base pay on a pretax basis to a special account. Microchip provides a matching contribution at a certain level of what you contribute. Microchip’s 401(k) plan offers many different investment options managed by Fidelity investments. You may request contribution changes up to four times each year. The plan has a five year vesting schedule, a rollover provision, and a loan provision.
|
|
Employee Stock Purchase Plan (ESPP)
|
| |
This plan allows you to purchase Microchip stock at a discounted price. You may contribute a certain percentage of your pay via payroll deduction.
|
|
Cash Bonus Plan
|
| |
A discretionary quarterly cash bonus is paid to all eligible employees based on Microchip’s operating profit. Employees must be employed on or before the first day of the quarter and remain an employee until payout to be eligible for the bonus.
|
|
Other Financial Needs
|
| |
Microchip provides you the opportunity to enjoy benefits such as direct deposit, credit union membership and various discounts to local events and entertainment.
|
|
Career and Educational Assistance
|
|
Tuition Reimbursement
|
| |
Microchip encourages employees to improve their skills and knowledge. Approved degree programs are reimbursed at 100% for all tuition, registration fees, lab fees and books up to two classes per semester.
|
|
Vacations
|
| |
Paid vacation time begins accruing immediately at your date of hire. As service time accumulates, vacation time increases.
|
|
Holidays
|
| |
Eligible employees receive ten paid holidays each calendar year.
|
Benefits
