Google offers 'death benefits' to employees
The company will continue to pay a surviving partner for 10 years, a perk unheard of in the workplace.
A new "death benefit" is one of the latest perks at a company famous for caring for its employees. It gives the surviving spouse or domestic partner 50% of that person's salary for the next decade, Forbes reports. The surviving partner will also get all stocks vested immediately.
And if that wasn't enough, get this: Any children will get $1,000 a month from the company until they turn 19 (or until age 23 if they are full-time students).
"Obviously there's no benefit to Google," the company's HR chief, Laszlo Bock, told Forbes. "But it's important to the company to help our families through this horrific if inevitable life event." The benefit also applies to same-sex partners, Google confirmed to Business Insider.
There's no tenure requirement for this benefit, either, meaning that just about all of the company's U.S. employees qualify, no matter how long they've worked for the company.
Google is well known for perks that range from free gourmet food to laundry service to well-padded maternity leave that can last 18 weeks for new moms. The company even offers a concierge who will help busy employees with personal tasks.
One goal of most of its perks is too keep employees happy, healthy -- and more productive. In fact, Google has raised the bar for working conditions for tech companies throughout Silicon Valley.
The company can certainly afford the benefits -- it's sitting on $43 billion in cash -- but the scope of Google's generosity is truly amazing.
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That is exactly what they are doing.
Sounds like the auto industry all over again. If it sounds too good to be true there is probably a flaw in the plan. The flaw is that good times do not last for ever, but commitments do.
I like the idea, and I hope they can do this for ever and every other company in the tech business can someday attain this level of benevolence, but I would guess that there will be some very unhappy people if the company is unable to follow through on their good intensions in the future.
This has legal issues written all over it.
So, they say it will apply to a same-sex partner. Well, if same-sex couples are not allowed to be married, then where does the line draw with unmarried opposite sex couples? Do they need to be living together? Is there a certain number of years that they must have been together?
While this is a great, great employee benefit; it is going to be like pulling a thread on an old sweater.
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The company is scrambling to protect its equities arm, which could face declining volume and revenue as competitors close the gap.
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