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.


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

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