Tag Archives: life insurance

9 Facts About Florida’s Minimum Wage for 2018

On October 13, 2017, the Florida Department of Economic Opportunity (DEO) released information about a new minimum wage rise which will come into effect on January 1, 2018.

– Florida employees working for minimum wage can expect to see a pay bump from the current $8.10 per hour to $8.25 per hour, making this wage rise a 2% increase. Employees working full-time for that amount will earn $17,160 per annum, or $330 a week.

– The minimum wage increase is related to the DEO’s requirement to comply with Florida law to annually revisit the minimum wage rate and adjust it according to the Consumer Price Index for Urban Wage Earners and Clerical Workers in the South Region.

– The Federal minimum wage will likely remain at $7.25 for the foreseeable future, but employers in the Florida region are obligated by law to pay their non-exempt workers the hourly state minimum of $8.25 after January 1, 2018.

– The increased hourly rate will also impact the calculation of overtime compensation to which a Florida employee is entitled.

– The law further requires that employers place a minimum wage notice in an accessible and conspicuous location wherever there are employees earning minimum wage. This requirement is in addition to the need for posting notices of the federal minimum wage.

– Employers who employ minimum wage earners who receive tips and are eligible for a tip credit under the Fair Labor Standards Act (FLSA), may apply credit to satisfy the minimum wage level up to the allowable FLSA tip credit (which equates to $3.02).

– Employers must still pay tipped employees a wage as directed by the minimum wage standard, minus the tip credits. Tipped employees, as of the 2018 minimum wage rise, will earn $5.23, per hour, a which equates to a 0.15c increase per hour.

– Employers who take tip credits against minimum wage must also provide notice to the tipped employee about the number of cash wages the employer is paying the tipped employee, and the amount the employer is claiming as tip credits.

– Tip credits should not exceed the number of tips received, and the employee retains all tips wherever a valid tip pool exists. Tip credits may not apply to any tipped employee, unless the employer has informed them of the above conditions.

Not sure if your employees need life insurance?

For many people, life insurance is an afterthought, and often employees don’t realize the importance of getting a proper plan. On the other hand, those who do apply for it usually have to face tons of paperwork and the risk of paying exorbitant amounts of money. This issue can be due to the nature and complexity of insurances in general; misinformation from those who sell it, and ultimately it’s not a topic that people would rather talk about and discuss with their family members. The truth is, life insurance is one of the pillars of personal finance! That’s why employer-sponsored group plans can be an especially attractive benefit for prospective employees.

With the proper guidance from the right insurance company, such as Lewis & Palmer, we make it possible to simplify the decision-making process and choose the right insurance plan for employees, employers, and their families. Here are three reasons why this is important:

1. Makes Your Employees (and their families) Feel Safe
Offering life insurance plans to your employees is a way to let them know that you care and if something happens to them, their family can be financially supported and protected. Many employees might feel intimidated by the thought of something happening to them, and for that reason, it’s important to offer a proper training. Teaching employees about the importance of life insurance will help to increase loyalty to the company as they better appreciate this benefit.

2. Keeps Your Employees Happy & Satisfied
Instructing employees on the importance of obtaining life insurance through your group plan can help increase awareness, boost loyalty, and support hiring and retention initiatives. If you offer proper insurance plans, the chances are that they will remain working for you in a grateful way because they would have a good backup plan which the can rely on. As a matter of fact, many employees when looking for a job make sure that the company offers insurance plans; if you don’t offer them, potential employees are more likely to move on and find another job offer.

3. Improves Employees’ Productivity
An ideal health status can impact an employee’s financial situation and increase productivity at work. According to the MetLife study, employees in bad health are more likely to report financial concerns. Once your employees feel safe and satisfied with the insurance plans you offer them; their productivity will increase because they will put their best effort to keep a job that gives them exactly what they need. One of the secrets of being a great employer and business owner is to keep your employees happy and safe as well as maintaining healthy relationships within the workplace.

As a conclusion, with the proper life insurance plan (among other group benefits) employees, will improve their financial and physical standing, wich will strengthen their relationship with their employers and this will result in greater retention, loyalty and increased productivity. In turn, having a committed and productive workforce will also help businesses reach their goals and achieve long-term success.

Does your organization offer life insurance as an employee benefit? Let Lewis & Palmer be part of your decision-making process! We can help you determine the best way to offer coverage that fits your budget and meets your employees’ needs.

Is Life Insurance part of your financial plan?

As Benjamin Franklin famously noted, “Nothing in life is certain except death and taxes.” No one relishes dealing with the latter nor confronting the former. Still, a prudent financial plan that utilizes proper life insurance coverage does both. Here are a few reasons why:

Life insurance helps your heirs – No matter the carrier or the amount of coverage you have, life insurance will provide a source of funds to your descendants to pay bills or settle your debts. Check with your insurance broker to confirm the pertinent facts – carrier name, policy number, etc. – and relay this information to the beneficiaries ahead of time so that they do not need to be searching for it in their time of grief.

Life insurance avoids death taxes – In general, the death benefit proceeds from a life insurance policy are non-taxable at the state and Federal level. There are some exceptions – most notably if the policy was transferred to you. Again, check with your insurance agent to clarify any potential issues and the ways to resolve them.

Life insurance is an investment – While term life insurance is solely a hedge for your heirs against the unthinkable, whole life insurance can actually play a significant role in your own financial future. It is an investment that not only protects your beneficiaries should you die but will also pay actual dividends to you if premiums are started at a relatively young age. Consult an insurance expert for options and more details.

The thought of obtaining life insurance may seem somewhat unpalatable but it is a tried and true method for safeguarding the future – both your family’s and your own. Without a doubt, it should be part of your financial plan. For more detailed information on it, please contact the experts at Lewis & Palmer Benefits. We can be found online at LPBenefits.com or reached directly at 954-308-7204.