According to the IRS, a work week consisting of 32-40 hours weekly or 130 hours monthly is considered full-time hours.
This was determined and established when Congress passed the FLSA in 1938. However, it was set as 44 hours weekly, but 2 years later, it was reduced to 40 hours weekly, which is still in effect currently.
Most companies include details in their employment agreement that specify the expected work hours of their employees. For instance, a company may demand employees to work 5 days a week, 8 hours daily, whereas another may permit employees to work flexibly, as long as the hours add up to 40 weekly.
What Benefits Do Employees Who Work Full-Time Hours Receive?
Full-time employees may be entitled to receive the following benefits:
Childcare: Anyone with a child knows how expensive raising children can be. With this in mind, companies and employers often offer their full-time employees childcare facilities that alleviate quite a large portion of their expenses.
Flexibility: This flexibility refers to the flexibility offered to employees regarding their work hours and days. This allows employees to work conveniently as long as they meet their weekly work requirements and responsibilities.
FSAs: FSAs are tax-free accounts, which can be an excellent asset for any employee.
Health Benefits: A company's benefits to its full-time employees might vary. However, most employers provide dental insurance, health insurance, paid medical leaves, etc.
Maternity Leaves: If you are employed full-time and become pregnant, your company may provide you maternity leave, either paid or unpaid, depending on the circumstances. When a child is born or adopted into a family, the program's participants can take time off work for a specified time, typically between two and twelve weeks.
Paid Leaves: Most employers offer paid vacation to their full-time workers. While 10 paid vacation days per year seems to be the industry norm, companies can set their own policies. Paid time off (PTO) may be accrued by some employers, and in some cases, unused PTO may be carried over to the next year.
Pensions and Retirement Plans: Typically, only full-time workers are eligible for retirement benefits like 401(k) plans. Employers who provide their workers with these choices may also choose to match their employees' contributions to their retirement accounts.
The term "pension" refers to a type of retirement plan that guarantees recipients a certain amount of money each year once they retire. Pensions are often calculated as a function of the employee's length of service and the amount of money they have paid to the company. Having a pension in place is a smart move for ensuring financial stability in retirement.
Full-Time Employees vs. Part-Time Employees
If you work part-time, you are not guaranteed any benefits from your employer, including health insurance.
Part-time workers rarely receive additional perks such as paid time off or holidays from their employers.
Compared to full-time workers, those working part-time hours usually have greater flexibility regarding timing and work days.
Most full-time workers put in a minimum of 40 hours weekly, whereas part-timers put in a maximum of 32.
Companies often pay part-time workers on an hourly basis, whereas full-time workers have the option of receiving either an hourly wage or a monthly salary.
Employees who put in full-time hours are more likely to be offered continued employment than their part-time counterparts.