Employee Benefits Summary for the Mining, Oil, and Gas Industry

Learn more about the types of benefits mining, oil, and gas companies offer across medical, short term disability, long term disability, life, vacation and leave and financial incentives.

Did you know about 85% of Mining, Oil, and Gas Companies offer medical insurance?

Complete Benefits Guide:

  • Medical
  • Disability
  • Life
  • Sick & Vacation
  • Retirement

 

The mining, oil, and gas industry focuses on the extraction of naturally occurring mineral solids such as coal and other ores, liquids such as crude petroleum, and gases such as natural gas. Included in this sector is quarrying, beneficiating -- the crushing, screening, washing, and flotation of these naturally occurring materials -- and various other preparation activities.

Extraction workers and engineers make up the backbone of this industry. Because both positions require a significant amount of experience and training to be successful, companies are always vying for the best talent. By offering comprehensive oil, gas, and mining benefits plans, businesses will be able to beat out the competition and bring the top candidates on board.

A higher amount of physical labor in this industry can result in an increased number of workers comp claims and higher overall medical expenses. Because of this, there is a need for quality short and long term disability plans. Additionally, with a higher percentage of males in the industry, it is important to offer employer-sponsored healthcare and a 401K match, as this demographic tends to value these benefits over others.

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The Mining, Oil, and Gas Industry Employment Summary

As of January 2021, there were 28,000 mining, oil, and gas facilities nationwide, employing 578,000 professionals. On average, each business is on the smaller side, with only 22 staff members. This is a male-dominated industry, with only 13% of employees identifying as female, and the average employee age is 43 years old.

The Mining, Oil, and Gas Industry Industry Insurance Benefits Comparison

85% Offer Medical Benefits

What percentage of these employers offer medical insurance?

  • 85% offer access to medical insurance. This is well above the national average of 69%.
  • These businesses provide an average monthly employer premium of $1,182 for family coverage. This is above the national average of $1,121.
  • Additionally, they provide an average monthly employer premium of $450 for individual coverage. This is in-line with the national average of $458.
53% Offer Short-Term Long-Term Disability

What percentage of these employers offer short and/or long-term disability insurance?

53% of these employers offer short-term disability coverage, and 39% offer long-term disability insurance. The national average is 42% and 34%, respectively.

69% Offer Life Insurance

What percentage of these employers offer life insurance?

69% offer access to a life insurance plan. Comparatively, the national average is 56%.

15% Offer PaidFamily Leave

Do these employers provide access to paid family leave?

  • 15% provide access to paid family leave. The national average is 20%.
  • 89% provide access to unpaid family leave. The national average is 88%.
  • 33% offer consolidated leave plans. The national average is 44%.

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Summary

Generally speaking, employers in the mining, oil, and gas industry provide all-inclusive employee benefits packages that are above the national industry standard. However, there are still some improvements that can be made, such as providing more options for paid family leave and retirement savings plans to meet all of their employee’s needs.

As soon as these changes are made, employers will realize that comprehensive gas, oil, and mining employee benefits are key to creating a healthy, productive work environment. As a result, employers will experience decreased costs, higher efficiency levels, and stronger teams.