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Employee Benefits
Medical, Prescription Drug & Vision Insurance
- Employees are eligible to enroll on their hire date
- In/Out-of-Network Point of Service Medical Plan-No Referrals required
- Prescription Drug Card: $15/ generic prescription or $25-40/ brand name prescription
Dental Insurance
- Employees are eligible to enroll on their hire date
- 100% Coverage and no deductible for preventive care such as semi-annual exams and x-rays
- Other services (incl. Orthodontia to age 19) covered In/Out-of-Network at 50%-80% after $50/person deductible with an Annual Benefit Maximum of $1,000
Life & Disability (including Maternity) Insurance
- Palatin pays the full cost for employee life insurance coverage of one times annual salary up to $150,000 maximum
- For short-term disabilities, including maternity leave, Palatin pays the full cost to supplement NJ state disability insurance benefits so that employees receive full pay for 12 weeks and 70% of pay up to a $1,000 week maximum after 12 weeks up to a maximum of 26 weeks
- After 26 weeks short-term disability leave, Palatin pays the full cost for long-term disability insurance benefits
401(k) Savings & Investment Plan
- Employees are encouraged to voluntarily participate in Palatin's 401(k) Savings Plan in order to achieve future financial security and prepare for retirement
- Employees are eligible to enroll after 90 days of employment
- Employees may contribute 1-15% of pay (subject to IRS maximum)
- Palatin matches 100% of employee contributions up to 5% of compensation. Matching contributions are 100% vested after three years of service
- Investments Goldman Sachs family of mutual funds
Incentive Stock Option Plan
- Palatin's Incentive Stock Option Plan has been designed to encourage employees to share in the ownership of the company. The Stock Option Plan provides employees an opportunity to purchase shares of Palatin Technologies stock with certain financial and tax advantages
- Employees are issued stock options upon hire (subject to board approval); the number of stock options is based on the employee's position level
- Stock options may also be granted in the form of an annual bonus grant
Working Hours/Flextime
- Palatin recognizes that a flexible working schedule is beneficial to accommodate employees balancing their work and personal/family lives and to meet company objectives. The Flextime Policy provides a staggered working hours program
- Employees may choose (subject to their manager's approval) start times ranging from 7:30-9:00 am and end times from 4:00-5:30 pm with either a 30 or 60 minute lunch break; Full-time employees are generally scheduled to work a 37.5 hour workweek
Vacation
- First year of service, employees accrue two weeks vacation
- One to less than five years service, three weeks vacation
- 5+ years of service, four weeks vacation
Company Holidays, Floating Holidays and Other Time Off
- Palatin generally observes seven holidays on the day designated by common practice. New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving (Thursday & Friday) and Christmas Day
- In addition, three Floating Holidays each year may be utilized by employees to celebrate holidays and/or observe religious holidays that are not considered Company Holidays
- Sick Absences: Up to five days per calendar year for self or sick family member, prorated during first calendar year of employment
- Marriage (1 day), Death-in-Family (1-3 Days)
Educational Assistance/Tuition Reimbursement
- Palatin reimburses up to $2,500 per calendar year for "work-related" undergraduate degree courses and professional development and certification programs.
- Palatin reimburses up to $4,000 per calendar year for "work-related" graduate degree program courses.
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