So I just took a new job that’s non union prevailing wage and am super confused about the retirement/pension compensation.
We get paid prevailing wage which in our area is roughly $60 an hour. However $20 an hour is taken out for our benefits package. I have private health insurance that is not though the company so the $20 an hour is supposed to go into my retirement. However I have no way to keep track of it from what I can tell.
So I go home at the end of the week with $40 an hour before taxes. On my paystub there is no mention of the $20 and I have no way to see how much is in that account, where it is and how it works. It seems a little strange.
To add to this the owner of the company gave me a pension plan book that enables me to decide how much % out of my take home hourly wage ($40) goes into a retirement investment fund.
Sorry if this is all confusing, not really sure how to explain it. Is this common? I’d feel much better if I had in writing from the company how much an hour is going into the retirement account because it seems like there is just $20 an hour disappearing and not being accounted for.
Ofcourse I’m going to speak to the owners, just want to see if this is how it usually works or maybe questions I should ask them as this is all new to me.
Thanks in advance!
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