Best Buy Co. is reportedly offering to extend health benefits for one year to any employee who accepts a company buyout offer that is being made as part of the consumer electronics retailer’s efforts to trim costs.
The Richfield, Minnesota-based company on Monday, December 15, offered voluntary buyouts to nearly all of the 4,000 employees at its corporate headquarters, saying it needs to “reduce significant expense from its corporate payroll,” according to published reports.
Under the buyout offer, an average salaried employee would receive 7½ months of pay plus one year of company-sponsored health and life insurance, and employees whose age and years of service add up to 60 or more would be eligible to receive one year's salary plus health and life insurance for the duration of that period, the reports said.
The company did not specify whether it would also provide dependent care coverage to employees accepting the buyout offer.
Filed by Joanne Wojcik of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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