Merck’s global compensation and rewards program also includes an incentive plan of cash awards based on performance.
Overall compensation at Merck is directly dependent on our corporate performance, as well as on specific internal metrics related to the performance of an individual employee and his or her functional group. Employees at all levels, except those subject to a collective bargaining agreement, have objectives against which they are assessed by their supervisor. Information on Merck’s global compensation and rewards program is available to all employees on the company’s portal.
In many countries, we offer health insurance, life and injury insurance, disability insurance, retirement income benefits and insurance for business travel. In the United States, employees also can opt for tax-free Flexible Spending Accounts for health spending and/or dependent care costs. In addition, in many countries where legally permitted, we extend healthcare and various insurance benefits to employees’ same-sex domestic partners and their partners’ eligible dependent children.
Worldwide, Merck offers retirement benefits that are competitive with our peers and general industry. In the United States, for example, we offer a defined benefit pension plan, as well as a 401(k) plan with company-matching contributions. To assist in personal investment decision-making, all employees are offered the Ernst & Young Financial Planning Program at no cost. And employees who are at least age 55 and have at least 10 years of service are eligible for subsidized healthcare benefits at retirement.
At certain Merck sites, including company headquarters in Whitehouse Station, New Jersey, employees can see a healthcare professional on-site, usually on the day they need to, for such services as immunizations and treatment for minor aches and pains. At many of our sites, we also provide services such as subsidized cafeterias, oil change for automobiles, child care, dry cleaning, and gyms and fitness classes. In the United States, our employees can bank through the Merck Employees Federal Credit Union, which offers competitive interest rates on savings accounts and lending. Merck established the Credit Union in 1936 to help U.S. employees during the Depression.