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TYPES OF EMPLOYEE BENEFITS AND SERVICES
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TYPES OF EMPLOYEE BENEFITS AND SERVICES - September 14th, 2010

TYPES OF EMPLOYEE BENEFITS AND SERVICES


Employee benefits and services include a motley crowd of fringes starting from accident compensation plans to paid holidays. To hold that a benefit is a fringe, three criteria need to be fulfilled:

1. It should be computable in terms of money.

2. The amount of benefit is not generally predetermined.

3. No contract indicating when the sum is payable should exist.



Going by the three criteria, many items are included in the category of fringes; here is a list of fringes which may be stated as below:

1. Legally required payments:

(i) Old age, survivors, disability, and health insurance (commonly known as social security)

(ii) Worker's compensation

(iii) Unemployment compensation

2. Contingent and deferred benefits

(i) Pension plans

(ii) Group life insurance

(iii) Group health insurance

(a) Medical expenses (hospitalization and surgical)

(b) Disability income (short-term and long-term)

(iv) Guaranteed annual wage

(v) Prepaid legal plans

(vi) Military leave and pay

(viii) Jury duty and bereavement paid leave

(viii) Maternity leave

{ix} Child care leave

(x) Sick leave

(xi) Dental benefits

(xii) Tuition aid benefits

(xiii) Suggestion awards

(xiv) Service awards

(xv) Severance pay



3. Payments for time not marked

(i) Vacations

(ii) Holidays

(iii) Voting pay allowances



4. Other benefits

(i) Travel allowances

(ii) Company car and subsidies

(iii) Moving expenses

(iv) Uniform and tool expenses

(v) Employee meal allowances

(vi) Discounts on employers goods and services

(vii) Child care facilities.
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