SHORT TERM DISABILITY INSURANCE
SHORT TERM DISABILITY
Leader’s Casual Furniture provides all active employees working 30 or more hours per week the option to purchase short term disability insurance coverage through a group plan, at the employee’s cost.
Short Term Disability
Benefit Percentage
60% of basic earnings
Maximum Weekly Benefit
$1,000 per week
Benefits commence on the 8th day for an accident Benefits commence on the 8th day for a sickness
Elimination Period
Duration of Benefit
25 weeks
Definition of Earnings
Base Salary
Employee Rate Per $10 of Weekly Benefit
$.69
Voluntary STD Premium Calculation Worksheet
To calculate your approximate STD bi-weekly premium, follow these steps:
STEP 1 Enter your bi-weekly pay
1. _________
Multiply the number on line 1 by 26, then divide by 52. This is your weekly pay (this amount cannot exceed $1,667)
STEP 2
2. _________
STEP 3 Multiply the amount in Step 2 by 60%.
3. _________
STEP 4 Monthly rate:
4. __$.69____
STEP 5 Multiply the amount on Line 3 by the rate entered on Line 4.
5. _________
Divide the amount on Line 5 by 10 and enter the amount on Line 6 to get your monthly payroll deduction. Multiply the amount on Line 6 by 12, then Divide by 26 to get your approximate bi-weekly payroll deduction.
STEP 6
6. _________
STEP 7
7. _________
7
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