When it comes to Apple, the world’s 4th largest company by revenue it offers exquisite amounts of benefits including pension. Let us discuss Does Apple have a retirement/pension plan?
How can the Apple employee get the retirement/pension benefits and what are the terms and conditions to get access to the plans?
An Apple staff member receives a retirement plan which includes 50% 401(k) matching for up to 6% of his or her total salary. It consists of 14 funds and Apple matches up to an employee’s eligible pay. The 401K plan has been administered by an Insurance company named Great-West Lifeco based out of Canada. For an employee to claim his or her pension there is a complicated process to go through in short. To be eligible for a pension the employee needs to reach the age of 59½.
Does Apple offer this benefit to all employees?
Apple hires the best in class. So they pay the best in class according to the fact that the retirement plan provided by them is simply the best. Doubtlessly, this is the main reason why working in Apple or in the sense working in a FAANG(five of the best-performing American technology companies includes Facebook, Amazon, Apple, Netflix, and Alphabet) is a dream to many. Getting into Apple is much harder than getting into Harvard. “Genius Bar” is much more selective. As for speaking, the pay rate for most professions is in general higher than the market standard. They do not compromise on that.
What are the features of this plan?
The retirement plan is amazing. it is, even more, when all the employee benefits one gets by working at Apple which includes the company’s famous beer bashes – where big names like Demi Lovato, OneRepublic have performed. Their premium gym subscription as health is as important as work. They are indeed providing a good message to everyone working in tech with this initiative and it offers annually $300. If you get paid for your day off, who would not love that. Apple is also famous for its high pay scale. As well as a new employee gets paid time off of 12 days even it can be higher than that. Maternity leaves are great as well so you do not have the fear of losing the job. These things have built the reputation of the company on a different level. Apart from all these cool perks they provide excellent insurance offers, stock purchase programs, tuition and self-improvement, and commuting perks that no employee can resist.
What are the benefits Apple gets from a 401(k) retirement plan?
Glassdoor, an anonymous employee review company has rated Apple in the top 100 best places to work every year since 2009, and iPhone itself launched in 2007. In 2021 Glassdoor rated Apple as the 31st best place to work in. Before that, it was 84th place which means flexibility in Apple is top-notch. This proves how the work culture is in Apple. A company like Apple, they cannot run without great minds. Following this, they need all the good spots in the market when it comes to giving employment. In the end, employees are the ones who are the backbone of the company so the backbone needs to best all the time at any cost. A multi-billion tech giant attracts the best talents through such perks. One can see elaborately how good of a work culture Apple serves.
Retirement for one time or lifetime
The most subjective thing in retirement can be the motive. One can retire because of health issues, not the urge to work anymore, being fulfilled with the work. One has done so there can be many which can be influenced by either inner motive or outer motive. Nonetheless working at Apple is as fulfilling as the work to make the customer experience better every single day. They spent not only millions but billions in research and development(R&D) to make the best and finest product in the market. Working in a company like this is an opportunity and few can have it thus retirement is a lifetime. None should find another job after Apple as it was already so meaningful.
Number of jobs Apple has produced and produces every year
The number of people working at Apple is huge. The number of app store ecosystem jobs is 3,70,800. With the number of jobs increasing each year currently, Apple has 36,786 employees and it keeps growing. Apple is regarded as one of the biggest job creators in the United States with two million jobs all over the 50 states and now Apple also installed its plants in India. The number of jobs in India will rise due to them.
Apple offers this plan to help its employees. For them, this offers a huge number of employees. Hope these plans will reduce employees’ stress for future life and will encourage them to work with Apple.