A Guide to the CVS Employee Benefits Package

FT Contributor
An image of the exterior of a CVS pharmacy.
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The CVS corporation

 includes all CVS stores, which offer merchandise and pharmacy services. Many of these stores also include an on-site doctor to provide healthcare. With so many services, it’s no wonder there are numerous job opportunities with CVS, which include:

  • Customer service;
  • Administration;
  • Inventory;
  • Retail management;
  • Pharmaceutical management;
  • Human resources;
  • Distribution;
  • Nursing;
  • Executive roles;
  • Marketing.

With over 295,000 employees, CVS was ranked 45th on Forbes’ World’s Most Valuable Brands in 2019 and 27th on its America’s Largest Public Companies List in 2018. Past and current employees were quick to comment on the company’s “good benefits package” and awarded it 3.2 stars out of five on Indeed.

If you’re considering a job at CVS, it’s important to understand the employee benefits in relation to your potential position. CVS offers a comprehensive employee benefits package, but learning about these benefits and who they apply to can help you decide if you want to work for the company.

CVS Employee Benefits

As a CVS employee, you gain access to a wealth of employee benefits and perks. However, the benefits offered depend on your work status and how many hours you work each week.

Full-Time Benefits

You’re considered a full-time employee with CVS if you consistently work at least 32 hours every week. Full-time employees are offered full benefits, which includes medical and dental coverage, as well as health coverage and paid time off.

Part-Time Benefits

While part-time workers aren’t provided with a complete employee benefit package, they’re still offered some benefits and perks if they’re employed by CVS. The company provides part-time workers with store discounts and dental and vision insurance coverage.

Part-time workers are also eligible to sign up for the company’s 401(k) plan. However, employees who work less than 32 hours per week cannot receive health insurance through the company or paid time off.

Pharmacy Benefits

CVS generally offers the same benefits package to all its full-time employees. Full-time pharmacy workers are provided with the same benefits package that’s offered to store clerks or corporate workers. However, if pharmacy employees work part-time, they’re only eligible to receive part-time employee benefits.

CVS Employee Health Insurance

CVS is a company focused on healthcare, so it offers full-time employees comprehensive health insurance. The coverage offered includes the following:

  • Accident insurance: CVS employees who opt to enroll in accident insurance are compensated if they get injured and can’t work.
  • Health insurance: All full-time employees are offered a comprehensive health insurance plan that also covers family members.
  • Health plan incentives: Employees are encouraged to sign up for health insurance and the company offers low premiums and other perks to incentivize enrollment.
  • Healthcare spending accounts: Employees can sign up for a health spending account (HSA) where they contribute tax-free money to use for medical services or equipment throughout the year.
  • Dental insurance: Basic dental coverage is offered to all employees and includes discounted or free dental cleanings, exams, and other procedures.
  • Vision insurance: Basic vision coverage is offered to all employees and provides discounted or free vision exams and corrective equipment.
  • Counseling: Employees and their family members can take advantage of free professional counseling to speak about work or home issues.
  • Maternity support: Expectant mothers have access to a maternity support program that provides them with educational and emotional assistance and resources.

CVS Career and Professional Benefits

As a company that encourages employees to grow, learn, and remain challenged, CVS offers a variety of career benefits. Some of the most important career benefits the company offers include the following:

  • Career planning: CVS has a career planning program accessible to all employees so they can map out their career path with the company.
  • Coaching and mentoring: Leaders and executive employees are taught to coach and mentor other workers so they’re motivated to try their best and stay with the company.
  • Developmental resources: CVS offers internships and seminars to ensure employees are developing and sharpening their skills.
  • GED reimbursement: Employees who pursue their GED while working for CVS are offered reimbursement for half the associated costs.
  • Tuition reimbursement: Workers who go to school for a job-related certificate or degree are provided with 25% reimbursement for their tuition.
  • Leadership programs: CVS encourages workers to move into leadership roles and leadership programs are provided for free.
  • Stock purchase plans: Full-time employees can choose to buy stock in CVS through the Employee Stock Purchase Plan.

CVS Financial Benefits

CVS understands the importance of financial stability and saving for retirement. The company offers its employees many financial benefits, including the following:

  • 401(k) plan and retirement: Employees can contribute up to 5% of their salary for a matching contribution of 75% from the company.
  • Adoption assistance: CVS covers court fees and other charges associated with adoption, even if a child is adopted from a foreign country.
  • Bonus pay benefits: Employees who go above and beyond are recognized for their hard work through a bonus pay program.
  • Childcare discount benefits: CVS employees benefit from discounted childcare at participating child care centers.
  • Daycare flexible spending account: Workers can contribute to a daycare flexible spending account to set aside money they can use for child care.
  • Disability benefits: All employees receive short-term disability benefits, which provide compensation if they’re hurt or sick and can’t work.
  • Life insurance benefits: Employees who opt to purchase life insurance benefits through CVS are reimbursed for 50% of the policy cost.
  • Paid time off: The amount of paid time off an employee is provided depends on how long they’ve been with the company. CVS has a generous paid time off policy to ensure employees maintain a healthy work-life balance.
  • Parental leave benefits: Full-time employees who become new, adoptive, foster, or surrogate parents are provided with paid parental leave.
  • Sick leave: Employees are awarded one hour of sick leave for every 30 hours they work.

CVS Various Employee Perks

In addition to benefits, employees are also rewarded with other perks, including:

  • Employee discounts: All workers are eligible for a 10% discount on store merchandise and services.
  • Commuter perks: Employees are provided compensation for eligible parking, transportation, or commuting costs.
  • Wellness programs: Professional programs are offered to employees and their family members that support and emphasize building a healthy lifestyle.

CVS employees are offered a variety of benefits to ensure they stay healthy, financially stable, and satisfied with their jobs. If you’re thinking of pursuing a position with CVS, consider the benefits you’ll be provided as an employee in addition to the compensation offered.

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