Kpmg has announced a change to their US benefits plan following a big increase in benefits from PwC.
Paul Knopp, the KPMG US ceo announced the following benefits on his LinkedIn.
KPMG will reduce employee health care premiums by 10% in 2022, with no change in the benefit levels, and introduce health care advocacy services. With health care inflation projected to be 6% next year, this represents savings of 16% for our plan participants.
KPMG will replace their current KPMG 401(k) match and pension programs with a single, automatic firm-funded contribution within the 401(k) plan equal to 6–8% of eligible W-2 pay. The new plan will feature market-leading flexibility as all employees will receive the contribution without any requirement to contribute their own money.
KPMG will provide up to three weeks of additional paid caregiver leave, separate and apart from PTO, for employees to spend time caring for a member of their family or household with a serious health condition, including time to grieve the loss of a loved one. In addition, we will offer two new caregiver concierge programs that can help our professionals navigate a wide range of needs.
Parental leave – All parents will receive 12 weeks of paid parental leave to bond with a newborn, newly-adopted or new foster care child, regardless of who the primary caregiver is. Under the former program, we provided six weeks for primary caregivers and two weeks for non-primary caregivers. This is in addition to disability leave for employees who give birth, allowing some employees at the firm up to 22 weeks of paid leave.
Firmwide holidays – Without daily commutes to the office, the boundary between work and personal lives has become even more blurred. Twice per year we take a firm-wide break, giving KPMG people at least nine consecutive days to disconnect and spend time with family and friends. These shutdowns are part of an expanding holiday calendar that now provides 16 paid holidays per year, including Juneteenth. These firmwide holidays complement a generous PTO program, “no camera Fridays,” and no internal meetings on Wednesday afternoons.
Other financial benefits We’ve increased the ways our people can recognize each other’s extraordinary achievements with financial awards, electronic gift cards and experience-based rewards.