BMO Financial Group is a company that serves more than 12 million customers in the commercial banking, personal banking, investment, and wealth management fields. It currently sits in the 8^th position of largest North American bank according to the assets. The company employs more than 13,000 workforces, which according to a recent poll said it is a great workplace, partly due to the offered BMO employee benefits program.

This company provides their employees with competitive and high quality benefits that are built to support them to plan and counter various possible events in their life. Beyond compensation and recognition, their benefits program helps employees to learn, grow, and maintain well-being with the company in the areas of income protection, health and wellness, work/life balance, to retirement plans.

This article offers further insights about the provided BMO employee benefits, so you may proceed to read if you are interested in knowing what benefits are provided by this specific company.

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Why do Employees say BMO Is a Great Workplace?

The competitive and comprehensive benefit program offered by BMO Financial Group is built and designed to support the employees and their families. It promotes them to thrive in both professional and personal life growth. The benefits are designed to provide support in physical, mental, financial, and social areas.

Here are several purposes of the BMO employee benefits program:

Promote physical, mental, social, and financial health of their employees.
Widen the options of health insurance plans for their employees.
Optimize employment investment of the company in the future.
Develop future employment of the company.
Provide flexible work timing plan for the employees.
Offer Employee Stock Ownership Plan (ESOP) for the employees.

Moreover, the company also provides other types of benefit that support the financial and physical health of the employee. In the following sections, you will read the breakdown of each offered benefit by BMO Financial Group in according to their package or category.

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BMO Employee Benefits, Perks, and Discounts

BMO Financial Group provides various benefit packages for their employees. Below, each benefit is explained that ranges in the areas of healthcare, life insurance, wellness, work/life balance, vacation policies, and many more.

Healthcare

Healthcare benefit package is provided by BMO Financial Group not only for the employees, but also for their eligible dependents. The healthcare plan covers medical, vision, and dental expenses. There is also Health Savings Account (HAS) plan offered in which the employees can make tax-advantaged contribution for their medical plan.

Life and health insurance

Life and health insurance benefit package provides financial protection in the event of heavy accidents or death. This benefit includes standard, supplemental, accident, and travel accident insurance for the employees.

Wellness programs

There are various wellness programs built by BMO Financial Group for their employees that contain helpful resources to help them maintain healthy lifestyle.

Spending accounts facility

The company provides a benefit where the employees can create spending account with advantage of tax-free dollars to be spent for commuter, dependent care, or healthcare expenses.

Retirements and savings plans

BMO Financial Group offers 401(k) savings plan to help secure the employees’ financial life in the future. Through this program, the employees can enjoy 100% employer matching benefit for the first six percent of their contribution. Moreover, the company also creates Employee Share Purchase Plan (ESPP) with discount benefit and other investment funds.

Work/life balance

Various benefit packages such as educational reimbursement, adoption assistance, financial assistance, EAP, and banking benefits are available to support the employees’ great work/life balance.

Vacation policies

The employees of BMO Financial Group are offered with broad range of vacation policies that comprises of sick time, holidays, vacation, parental leaves, and disability benefits in the event of injury or illness that makes the employees unable to make it to work.

Beyond these BMO employee benefits above, there are also extra benefits offered by the company such as:

Employee Share Ownership Plan (ESOP): Ability for the employees to join the company ownership by purchasing shares at special price
Health protection plan: Private health insurance provided for the company’s employees and eligible dependents that cover in-patient and out-patient treatment expenses in the event of injuries and illnesses
Company-funded annual health screening test
Travel insurance
Gadget insurance
Group income protection
Roadside assistance
Cycle to work
Gym membership
Childcare support
Retail vouchers
Dining gift cards

Best BMO Perks and Employee Benefits at BMO

Here is the list of complete BMO employee benefits:

Health insurance plan that covers medical, dental, and vision expenses.
401 (k) retirement saving plan with benefit of employer’s matching contribution.
4-week paternity leave and 16-week maternity leave.
25-day of paid vacation leave.
20-day of paid holidays.
Adoption assistance and educational reimbursement programs.
Scholarship for employees’ children.

Concluding BMO Employee Benefits

Retirement and Savings
- 401(k) retirement savings plan
- Company’s pension plan
- Non-Qualified Savings Plan (NQSP)
- Employee Share Purchase (ESPP)
Life and Accident
- Life and Accident insurance premiums
- Life and Accident highlights
Paid Time Off (PTO)
- Sick time
- Vacation
- Holidays
- Parental leave
- Maternity leave
- Disability premium
- Disability leave
- Other PTO
Spending Accounts
- Health Care Flexible Spending Account (HCFSA)
- Dependent Care Flexible Spending Account (DCSFA)
- Limited Purpose Flexible Spending Account (LPFSA)
- Commuter Benefits

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BMO Financial Group supports their employees by investing in their health, financial, and well-being, be it in today or in the upcoming days. These BMO employee benefits are provided for both full-time and part-time employees as long as they’re eligible, along with ability to select which benefits they’d like to participate according to their needs.