ALL about Employee Benefits

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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.

Employee Benefits Special Interest Group

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Forum about Employee Benefits

Discussions about Employee Benefits.

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

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