CVS Benefits and 401K?

[JadeCA]

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Hi,

Is there any pharmacist out there currently working for CVS? I just wanted to know how their employee benefits and 401k are like? Is it comparable to Walgreens or Rite Aid? I am in my last year of pharmacy school and need to make a choice between the 3 companies and am having such a difficult time.

Any input would be greatly appreciated! Thank you! 🙂

 

[Old Timer]

CVS Matches up to the first 5% of your 401K contribution....

 

[MountainPharmD]

Hi,

Is there any pharmacist out there currently working for CVS? I just wanted to know how their employee benefits and 401k are like? Is it comparable to Walgreens or Rite Aid? I am in my last year of pharmacy school and need to make a choice between the 3 companies and am having such a difficult time.

Any input would be greatly appreciated! Thank you! 🙂

Finally!!!!! A soon to be graduate who is asking the right questions. 401k matching is a big deal.

 

[JadeCA]

CVS Matches up to the first 5% of your 401K contribution....

Thank you for your reply. Is that 100% matching up to 5%?

I am having such a hard time picking a retail pharmacy to work for. I currently intern for both Longs (soon to be CVS here in Northern CA) and Rite Aid. I know there are also openings at Walgreens. I'm thinking about closing my eyes and just picking one.

Anyone out there with insight between these companies...please share your thoughts and/or experiences!!! 🙂

 

[FORTLIVINGROOM]

Walgreens offers better benefits, but CVS usually has the better pay. Working conditions vary by location.

 

[Prepharm1214]

I am having such a hard time picking a retail pharmacy to work for. I currently intern for both Longs (soon to be CVS here in Northern CA) and Rite Aid. I know there are also openings at Walgreens. I'm thinking about closing my eyes and just picking one.

You're allowed to work for 2 different retail chains? When I tried that due to limited hours I was told it was a conflict of interest.

 

[Old Timer]

Thank you for your reply. Is that 100% matching up to 5%?

I am having such a hard time picking a retail pharmacy to work for. I currently intern for both Longs (soon to be CVS here in Northern CA) and Rite Aid. I know there are also openings at Walgreens. I'm thinking about closing my eyes and just picking one.

Anyone out there with insight between these companies...please share your thoughts and/or experiences!!! 🙂

100% of the first 5%

 

[nnguyenc]

 

[meister]

Walgreens offers better benefits, but CVS usually has the better pay. Working conditions vary by location.

I could have sworn that CVS has the lowest wages. Of course I worked for a CVS that used to be a Sav-on, and Sav-on always did have the lowest wages.

 

[JadeCA]

I could have sworn that CVS has the lowest wages. Of course I worked for a CVS that used to be a Sav-on, and Sav-on always did have the lowest wages.

Is CVS OT really not time and a half? Is it your base per hour + $6? That doesn't seem fair.

 

[Prepharm1214]

Is CVS OT really not time and a half? Is it your base per hour + $6? That doesn't seem fair.

It has it's positive and negatives, there are a lot of stores I know that won't work pharmacists overtime period because of the time and a half. If you are a recent grad and looking to work a lot of hours to pay off loans or whatever then this is something you would heavily consider.

 

[lazydazy]

CVS does offer one of the higher salaries, but their benefits really stink! I'd look at the whole package and not just the salary (i.e. when do your health benefits, 401K, etc. start). Plus, does your vacation time plateau? You have to work 20 years for CVS to get 4 weeks of vacation! I think Walgreens has better benefits, but you have to float way longer with them. At least in Chicago that is..I just signed with the company that I was already working for. I wish I would've shopped around. You should look at all of them to make sure you're considering everything not just the salary.

 

[StevePerry]

How does this actually work for CVS? To contribute the maximum $15,500 you would need to deposit $15,500/26 (26 paychecks per year right?) which would be $596/pay period. What does 5% match mean technically, 5% of this $596 per pay period? Saying you make $115,000 per year that would be $4400 per paycheck before taxes,etc. do they mean 5% of $4400? The second option seems more reasonable ($5000/yr vs. $800/yr. match), but just want some clarification from you CVS people!!

 

[tmbbmt]

if i'm not mistaken, it's 5% of salary, not 5% of what you contribute. so if you make 100k, that would be $5000/yr that they would match, as long as you put that much into your 401k yourself.

 

[Old Timer]

if i'm not mistaken, it's 5% of salary, not 5% of what you contribute. so if you make 100k, that would be $5000/yr that they would match, as long as you put that much into your 401k yourself.

This is correct. If you make 100,000.00 per year, CVS will match the first 5% of what you contribute....

If you contribute $1.00 to $5,000.00, CVS will match you dollar for dollar.

 

[DarknessFalls]

What about their average wage increases? The reason I ask is that I've heard that is only a 4% increase based on a yearly review. However a fresh graduate who signs a new contract this year is seeing a $10,000 greater offer in salary than the previous year (in the same area as the year prior). No real benefit in staying with the company aside from accruing vacation hours especially when 410K's are transferable? 👎

 

[Old Timer]

What about their average wage increases? The reason I ask is that I've heard that is only a 4% increase based on a yearly review. However a fresh graduate who signs a new contract this year is seeing a $10,000 greater offer in salary than the previous year (in the same area as the year prior). No real benefit in staying with the company aside from accruing vacation hours especially when 410K's are transferable? 👎

Based on a 42 hour week, 52 weeks per year, that means the hourly salary would be $4.58 over last year. That is NOT true. I don't know what last year's class got, but it was not $4.48 less than this year. Secondly of all, salaries vary by market. NYC pharmacists make more than others. You also may get paid more if there is a shortage in your area. Finally, if you think a 4% annual increase is nothing I would like you to tell me how many other professions have had a 4% annual increase over the last couple of years.

 

[JadeCA]

I heard that CVS is offering $58.00 per hour in Northern CA. Is this comparable with other retail companies like Walgreens?

 

[DarknessFalls]

Based on a 42 hour week, 52 weeks per year, that means the hourly salary would be $4.58 over last year. That is NOT true. I don't know what last year's class got, but it was not $4.48 less than this year. Secondly of all, salaries vary by market. NYC pharmacists make more than others. You also may get paid more if there is a shortage in your area. Finally, if you think a 4% annual increase is nothing I would like you to tell me how many other professions have had a 4% annual increase over the last couple of years.

Could you please point out specifically where I said thar a 4% increase was "nothing?"

I was able to obtain an actual copy of the offer I mentioned. You are in fact correct that my numbers were off. There was not a $10,000 increase as I stated above. The offer dated September 2007 was for $101,067. I signed a contract for a little over $115,000 in the same area twelve months later. A 4% increase suddenly feels fairly inadequate and unfair doesn't it? Would you rather have a 4% increase or change companies for a $14,000 increase if a competetor was offering to match your current company's starting salary for new pharmacists?

Thoughts from anyone else?