Employee Benefits and Services
Employee
benefits and services include any benefits that the employee receives in
addition to direct remuneration. The synonyms used are fringes, service
programs, employee benefits and hidden payroll.
Indirect
remuneration may:
·
Mitigate (Ease, Less) fatigue
·
Discourage labour unrest
·
Satisfy employee objectives
·
Aid recruitment
·
Reduce turnover
·
Minimize overtime costs
|
S.NO. |
Examples
of Fringes |
|
1 |
Legally
required payments: ·
Old age, survivors, disability, and health insurance (social
security) ·
Worker’s compensation ·
Unemployment compensation |
|
2 |
Contingent
and deferred benefits: ·
Pension plans ·
Group life insurance ·
Group health insurance (Medical expenses, Disability income) ·
Guaranteed annual wages ·
Prepaid legal plans ·
Military leave and pay ·
Jury duty and bereavement paid leave ·
Maternity leave ·
Child care leave ·
Sick leave ·
Dental benefits ·
Tuition aid benefits ·
Suggestion award ·
Service award ·
Severance pay |
|
3 |
Payments
for time not worked: ·
Vacations ·
Holidays ·
Voting pay allowances |
|
4 |
Other
Benefits: ·
Travel allowances ·
Company car and subsidies ·
Moving expenses ·
Uniform and tool expenses ·
Employee meal allowances ·
Discounts on employer’s goods and services ·
Child care facilities |
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