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Employee Benefits

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Summary

What are Employee Benefits? Meaning.

In employee compensation, 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.


Special Interest Group

Employee Benefits Special Interest Group.


Special Interest Group
Special Interest Group (75 members)

Forum

Forum about Employee Benefits. Below you can ask a question about this topic, share your experiences, report a new development, or explain something.


🔥 Attracting Employees using Wage Differential
A wage differential, also called "compensating differential" or "compensating wage differential" or "equalizing difference", is defined as the additional amount of income that a given worker must be o...
Rating5
 
Comments3 comments
topic More Direct Compensation Instead of Employee Benefits
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?...
Rating4
 
Comments2 comments

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Presentation

Employment Benefits in Detail

Employment Benefits, Social Security, Employee Benefits Program
Detailed presentation about Employee Benefits (EB), that includes the following sections: 1. Employee Benefits Programs...
Presentation

Voluntary Activities of Employees | Employee Volunteerism

Employee Motivation, Employee Volunteerism, Employee Commitment, Shared Value, CSR, Corporate Reputation
Presentation about employee volunteerism, including the following sections: 1. What is employee volunteerism 2. Employ...

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

Special Interest Group

Special Interest Group

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