Spectrum - Volume 17 Issue 32 May 11, 1995 - Premium Holiday in June

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Premium Holiday in June

Spectrum Volume 17 Issue 32 - May 11, 1995

As previously reported, no health-benefits premiums will be deducted from employees' pay during the month of June. As a clarification, this refers to the checks for June 16 and June 30. However, employees should be aware that their net check will not increase by the full amount of their health-care premium. This is because, under Premium Conversion, they are getting a tax break based on this premium being deducted before taxes are calculated. When there is no premium deducted, federal and state income-tax deductions increase somewhat, partially offsetting the premium savings.