VMware provides Manager’s Insurance or a Pension Fund, through the provider of your choice. All employees of VMware are eligible for Manager’s Insurance/Pension Fund.
You are required to contribute 6% of gross salary to the Manager’s Insurance/Pension Fund.
VMware provides a monthly contribution of 6.5% of gross salary to the Manager’s insurance for Tagmolim, 8.33% for severance and up to 2.5% for disability cover. Max 7.5% for Tagmolim and disability cover.
In case of pension fund, VMware provides a monthly contribution of 6.5% of gross salary for Tagmolim and 8.33% for severance.
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Normal Retirement Benefits
At retirement you will receive the accumulation of contributions with interest. Since 1/2008, Managers’ Insurance premiums go to a monthly annuity at retirement.
Insured pension policies provide optional disability cover for an additional premium of up to 2.5% of gross salary (collective disability policies available at monthly premium of 0.7%-1.0%). The maximum monthly income is 75% of the insured person’s salary for full disability.
You will need to meet with VMware’s agent to select a Manager Insurance provider and/or pension fund provider within the first 3 months of your employment with VMware. Please contact HR Source [VMware network access required] for more information.
When Coverage Begins
During the first days of employment, you will be required to complete a form which provides you with immediate and temporary life and disability insurance for up to 3 months. During this time VMware’s agent will meet with you and plan your manager’s insurance/ pension funds plans.
When Coverage Ends
Your Managers Insurance is transferable when you leave VMware. You can continue it privately or transfer to your new employer, subject to their terms and conditions.