Employee benefits
Employee benefits
Employee benefits (pronunciation: /ɛmplɔɪˈiː bɛnɪfɪts/), also known as fringe benefits or perks, are various types of non-wage compensation provided to employees in addition to their normal wages or salaries. The etymology of the term "benefit" comes from the Latin word "bene factum", which means "good deed".
Types of Employee Benefits
Employee benefits can be categorized into mandatory and optional benefits.
- Mandatory benefits are required by law and include Social Security, unemployment insurance, and workers' compensation.
- Optional benefits are provided at the discretion of the employer and may include health insurance, retirement plans, and paid time off.
Importance of Employee Benefits
Employee benefits are important for both employees and employers. For employees, benefits can significantly increase their total compensation and provide financial security. For employers, offering competitive benefits can help attract and retain talented employees.
Related Terms
- Compensation and benefits - A sub-discipline of human resources focused on employee compensation and benefits policy-making.
- Employee stock ownership - An arrangement in which the company's employees own shares of the company's stock.
- Flexible benefits - Also known as a cafeteria plan, allows employees to choose from a variety of pre-tax benefits.
- Work-life balance - The balance that an individual needs between time allocated for work and other aspects of life.
External links
- Medical encyclopedia article on Employee benefits
- Wikipedia's article - Employee benefits
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