Employee Benefits

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Description of Employee Benefits. Explanation.

Definition Employee Benefits. Description.

Employee Benefits are the non-wage part of remuneration consisting of a broad range of special payments or benefits in kind. Typical Employee Benefits are:

• Insurance.

  • Sickness / Medical.

  • Dental.

  • Life.

• Pension / Retirement benefits.

• Income protection / Social Security.

• Maternity Pay / Daycare / Child care.

• Profit sharing / Employee Stock Ownership Plan / Employee Stock Options

• Holiday / vacation.

• Relocation assistance / benefits.

• Golden Handshake / Golden Parachute / Golden Hello.

• Legal assistance.

• Company car.

• Company computer / internet access.

• Company mobile phone, PDA.

• Membership of sport and health clubs / Leisure activities during work time.

• Education / Personal development.

• Staff discounts.

• Industry-related benefits, such as special mortgage rates (banks).

Also called Fringe Benefits.

Historically, many of these benefits were negotiated by unions through Collective Bargaining. Lately, there is a tendency away from these generic benefits to more individual or Flexible Benefits, where the employees have an element of choice over the particular benefits they will receive. A special form of flexible benefits is the Cafetaria Benefits Model, wherein employees can choose and buy benefits that suit their specific wishes, spending a sum of money or points.

Employee Benefits Forum New Topic  |  Help Equalizing Wage Differentials "A compensating differential, which is also called a compensating wage differential or an equalizing difference, is defined as the additional amount of income that a given worker m..." More Direct Compensation "If employees undervalue the cost of benefits, why should a company not drop benefits and simply add more direct compensation? Do you agree or disagree with this statement?" Reward Strategy Consultant "We are looking for a reward consultant to help us develop and deliver reward strategy seminars to a senior HR public audience. Is there anyone who would like to join us as an associate or to deliver t..." Keep in touch with this topic Please log in... New Topic

Employee Benefits Special Interest Group Visit the Special Interest Group

Compare with: Incentives  |  Management by Objectives  |  CSFs and KPIs

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End of description Employee Benefits. An explanation.