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PepsiCo Employee Benefits: Insurance, Retirement & More
Last updated: September 26, 2022
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PepsiCo Employee Benefits: Insurance, Retirement & More
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PepsiCo is undoubtedly one of the world's most successful food and beverage companies. The company has been able to achieve this through a variety of strategies, including a strong focus on innovation.

PepsiCo's innovation strategy has been evident in its product portfolio, which features some of the most popular brands in the world. But does the company focus as much on employee satisfaction and engagement?

If you've been eyeing a PepsiCo job ad lately or scouring through their Careers page, you probably want to know about PepsiCo employee benefits. What perks does the company offer to its workforce? This guide will cover PepsiCo employee benefits, helping you decide if a job at PepsiCo is right for you.

Which benefits does PepsiCo provide?

PepsiCo offers its employees a comprehensive benefits package, including a wide range of health, financial, and work-life perks. Some of the highlights include:

401(k) retirement plan

A 401(k) retirement plan is a savings plan that allows you to set aside money for retirement on a pre-tax basis. It means that the money you contribute to your 401(k) is not subject to income tax.

Some benefits of a 401(k) retirement plan include:

  • Retirement planning: Since 401(k) plans are a long-term investment, they can help you plan for retirement.

  • Tax breaks: The money you contribute to your 401(k) plan is deducted from your taxable income, which can lower your tax bill.

  • Employer match: Many employers will match a certain percentage of the money you contribute to your 401(k) plan, which can help you save more in the long run.

What Is A 401(k) Plan?

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Over 500 employees who reported their salaries to Payscale mentioned that PepsiCo offers a 401(k) plan.

Paid sick leave allows employees to take time off from work when they are ill without losing pay. According to Payscale data, nearly 300 employees reported getting paid sick leave at PepsiCo.

Employees can use their paid sick leave to:

  • Tend to family members: If an employee has to take time off work to care for a sick family member, paid sick leave can help cover the lost wages.

  • Run errands: In many cases, running errands for a sick family member (like picking up groceries) can be counted as paid sick leave.

  • Prevent the spread of an illness: If an employee is showing symptoms of an infection, they may be able to use paid sick leave to stay home and prevent the spread of the illness to others.

Life insurance

Many employers also offer life insurance as a benefit to their employees. PNC Insights research shows insurance benefits to be the fourth most desired employee perk.

PepsiCo offers different types of life insurance plans. For instance, employees can opt for a plan that is paid for by the company or that allows them to purchase additional coverage at a group rate.

Life insurance typically covers the following costs.

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Flexible schedule

A survey by Becker Friedman Institute showed that people were just as productive working from home as they were from the office. Flexible work schedules and remote work have become more prevalent in recent years, and are very sought-after perks in the post-covid climate.

132 of the PepsiCo employees who reported their salaries to Payscale said that the company offers flexible schedules as a perk.

A flexible work schedule empowers employees to design their work around their life, rather than the other way around. As a result, it can help employees better manage their time and responsibilities inside and outside of work.

Severance pay

Severance pay is a financial payout that an employer gives employees when they are laid off or fired. It is meant to help employees cover their living expenses while looking for another job.

For instance, if an employee is laid off from a job they have held for five years, they may receive a severance package that includes two months of salary and health insurance coverage.

Severance pay is typically not required by law but is often included in employment contracts. Employers may also offer severance packages to avoid lawsuits from employees who feel they have been wrongfully terminated.

PepsiCo offers severance pay to its employees, giving them a financial standing for the time it takes for them to find a new job.

Paid holidays help employees maintain a good work-life balance and enjoy time off with family and friends. They’re also one of the most desired employee benefits.

Most Popular Employee Perks

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Paid holidays can serve as a way for employees to enjoy time off with family and friends without worrying about using up their vacation days. In addition, some companies offer paid holidays as a way to attract and retain employees. Others may see paid holidays as a way to improve employee morale and motivation.

PepsiCo also offers paid holidays to its employees. The number of holidays depends on the employee’s designation and location.

Health insurance

Another common benefit that employers offer is health insurance. It helps employees cover the cost of medical care.

PepsiCo also offers dental and vision insurance to its employees. Both types of insurance can help cover the cost of routine care and treatment. The insurance package depends on how long the employee has been working at the company and the position they hold.

Employees in higher positions typically have better health insurance plans that provide coverage for them and their families.

Accidental death & dismemberment insurance

An accidental death & dismemberment insurance plan covers the financial costs of an employee’s death or dismemberment. It helps ease the financial burden on an employee’s family in the event of an accident.

What Does Accidental Death & Dismemberment Insurance Cover?

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An accidental death & dismemberment insurance plan usually covers:

  • Accidental death: If an employee dies due to an accident, such as a fall or a car crash, AD&D insurance pays a benefit to the employee's beneficiaries.

  • Paralysis: Employees who get paralyzed cannot work and may have expensive medical bills. AD&D insurance can help by paying a benefit to help cover these costs.

  • Loss of limbs: If an employee loses a limb in an accident, AD&D insurance helps offset the cost of prosthetics.

PepsiCo employees are covered by the company's accidental death & dismemberment insurance plans.

PepsiCo retirement and financial benefits

Retirement benefits help employees save up for their retirement and ensure financial independence even in old age. The PepsiCo employee benefits for retirement planning include the following:

Defined benefit pension plan

A defined benefit pension plan is a retirement plan in which an employer agrees to pay certain benefits to employees upon retirement.

What Is a Defined Benefit Pension Plan?

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The benefit payments are predetermined and are made regardless of how much money the plan has in assets. PepsiCo offers defined benefit pension plans to its employees, enabling them to secure their futures.

Profit-sharing

Profit-sharing is an arrangement under which a company distributes its profits among its employees. Typically, a company will allocate a certain percentage of its profits to be shared among its employees, with the exact rate depending on the company's discretion.

In this way, employees get a share of the company's success. Thus, they may be more motivated to work harder knowing that they will receive a portion of the profits. PepsiCo employees can opt for profit-sharing, depending on their designation and annual salary range.

Defined contribution pension plan

In this plan, employees contribute a certain amount of money to the plan, and the employer may or may not make additional contributions. The benefit that employees receive upon retirement depends on how much money is in the plan when they retire.

Comparison Between Defined Contribution and Defined Benefit Plans

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Besides defined benefit plans, PepsiCo employees can also opt for defined contribution pension plans. These plans are ideal for employees who want to lower the admin costs of their plan.

Stock bonus

A company may also choose to give its employees stock bonuses in lieu of, or in addition to, profit sharing. A stock bonus is a grant of company stock to an employee.

The employee may be able to purchase the stock at a discounted price, or the company may give the stock to the employee. Many PepsiCo employees can choose stock-focused bonuses to invest in the company and get a share in the company’s success and performance.

Other PepsiCo employee benefits

Depending on their location, PepsiCo employees may also get a host of other benefits. Some of these are:

  • Free Birthday Day

  • Sustainable Vacations

  • Parental Leave

  • Adoption License

  • Emergency Loan

  • Legal Advice

  • Dress Code Flexibility

  • Employee wellness programs

  • Workplace Flexibility

  • Internal Sale of Products

  • Pharmacy Discount

  • Executive Vehicle (depending on the role)

  • Free Product Consumption

  • Back to School scholarship program

  • Discount Agreement

If you’ve already landed a PepsiCo job, check with your HR department to determine which of these perks are available at your location.

Start your career at PepsiCo

Pepsico employee benefits include adoption assistance, health insurance options, disability insurance, health money programs, tuition reimbursement programs, and retirement savings plans. Since the company cares deeply for its employees, it's understandable why you'd want to look for a job at PepsiCo.

Search for jobs at PepsiCo on Jobcase to kickstart your career at the company today. You can also follow the PepsiCo hashtag to get an insider's view from current and former employees or industry experts. Check out this guide to learn how to apply at PepsiCo.

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