Insurance is effective for employees and their dependents on the first of the month following hire. Marlow Industries pays 85% of the cost for coverage. Employees are responsible for 15% of the premium through payroll deductions.
Marlow Industries provides PPO plans and a HSA for health insurance.
Dental insurance is effective for employees and their dependents on the first of the month following hire. The employee pays 100% of the cost for coverage.
II-VI Marlow provides each employee with term life insurance in the amount of two time’s base annual earnings. Marlow bears the full cost of this coverage, which is effective on the first of the month following hire. Employees may also choose to purchase voluntary term life insurance for themselves and their dependents. Cost of this insurance is based on age and is paid for by payroll deduction.
Short-term disability pays up to twelve weeks at 60% of earnings for non-exempt and 100% of earnings for exempt.
Long-term disability coverage provides coverage at 60% of base annual earnings for both exempt and non-exempt.
II-VI Marlow provides employees with a Profit Sharing Retirement Plan program. This program contributes money directly into the employees retirement account based on the profitability of the company at the sole discretion of the Company’s Board of Directors. The contribution percentage fluctuates based on the annual plan and company performance. Employees must be employed on the first and the last day of the Plan year to be eligible to participate. Vesting is based on years of continuous service where after six years the employee is 100% vested.
The company offers ten (10) paid holidays per year. We close the plant for a holiday break beginning December 25 through January 1. The workdays during that period will be paid as a combination of holiday and PTO.
New employees will be given PTO to be used during the current fiscal year contingent on their hire date. After five years of employment, employees earn 20 days per fiscal year and after fifteen years of employment, 25 days per year.