Cabinetman
Joined: 08 Jul 2003
Posts: 214
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Posted: Thu Feb 12, 2004 4:26 am Post subject:
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nolife,
You're right, Lowe's should have more affordable insurance for the employees, and they could, but they won't. Lowe's is like most other big retail companies, they're self insured. It's just like unemployment insurance, Lowe's has to put that money back in case they ever have to pay you enemployment, thats why they fight unemployment claims so hard, if they win they don't have to pay that money. The insurance works the same way, the money goes into a pot that draws a huge amount of interest, the goal of any insurance company or self insured company is to collect as much as possible and pay out the least amount possible.
I know people who work for Wal- Mart the biggest retailer in the world, you would think they would also have the best insurance in the world, but it's not as good as Lowe's. If you'll notice, the cost of our insurance goes up the same or more than the yearly raise that you get, so what ever raise you get, they get it right back. The Companies with the best insurance are Companies that want to keep their employees so they find the best benifits for them, most retail Companies don't care about turn-over, so they don't care about finding the best deals for the employees. They're still Companies out there that pay the full cost of insurance for the employees, that must be nice.
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