Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans

v3.24.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company has a 401(k) plan to provide defined contribution retirement benefits for all eligible U.S. employees. Participants may contribute a portion of their compensation to the plan, subject to the limitations under the Internal Revenue Code. The Company’s contributions to the plan are at the discretion of the Board of Directors. During the years ended December 31, 2023 and 2022, the Company made contributions of $150 thousand and $145 thousand to the plan, respectively.
The Company provides a savings fund for permanent employees of the Bangladesh subsidiary named Augmedix BD Limited Employees’ Gratuity Fund (“Gratuity Fund”), in accordance with Bangladesh employment requirements. Employees are entitled to a cash benefit after completion of five years of service with the company. The payment amount is calculated on the employee's basic pay and is payable at the rate of one month’s basic pay for every completed year of service. The Company has accrued a Gratuity Fund liability totaling of $421 thousand and $509 thousand as of December 31, 2023 and December 31, 2022, respectively, which is included in other liabilities in the accompanying consolidated balance sheet. The Gratuity Fund liability is presented net of value of the cash balance that the Company has funded into the Gratuity Fund.