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Supplementary benefits
- 2. Employee Benefits & Services O Meaning and Definition O Why Benefits and Services? O Types of Employee Benefits and Services O Principles of Fringes
- 3. INTRODUCTION O Would the three salespersons and the receptionist work for free? No. O You always have to give things to people in return to what you take from them O Compensation refers to this exchange. O It is a means to attract, motivate and maintain employee
- 5. Why Benefits and Services? O To persuade and motivate employee. O Not linked with the employee performance O Includes any benefits employee receive apart from the total direct benefits O Helps increase the wealth and well-being of the employee at the cost of an employer
- 6. BENEFITS O Indirect Compensation or benefits received from employment that is in addition to the regular, ordinary salary or wages. Supplemental Pay Time-Off Benefits Insurance Benefits Retirement Benefits Types of Employee Benefits
- 7. Vacations and Holidays Parental Leave Supplemental Unemployment Benefits Supplementa l Pay Benefits Unemployment Insurance Sick Leave Severance Pay Supplemental Benefits Pay For Time Not Worked
- 8. Insurance Benefits Insurance Benefits Health-Related Insurance • Medical Insurance • Managed Care • Vision Insurance • Dental Insurance • Mental Health Insurance Disability Insurance Short Term Disability Long Term Disability Life Insurance
- 9. Retirement Benefits Retirement plans to reward long service employees Contributory Plan: Both employer and employee contribute Non-Contributory Plan: Employer pays the entire amount. Also includes Early Retirement Retirement Counseling
- 10. Time- Off Benefits Rest from physical and mental efforts of a job Sick days and Well days Leaves of Absence Time-Off Breaks On the Job breaks Tea break, Meal break etc. Holidays and Vacations Family and Medical leave Act 1993
- 11. SERVICES O An intangible commodity that the employees find desirable O Usually provided by the organization at no cost to employee or at a significant reduction from what might have to be paid without the organization’s support. O This might include eating facilities, transportation facilities, child care facilities, housing services , educational services, financial services (discount ) etc.
- 12. BENEFIT v/s SERVICE Applies to those items for which a direct monetary value to the individual employee can be ascertained Applies to items for which a direct money value for the individual employee cannot be readily established
- 13. Benefits and Services Treats • Picnics • Birthday treats • Festival bashes • Dinner for the family • Coffee breaks • Dinner boss • Free lunches Awards • Certificates • Citations • Plaques • Trophies • Scrolls • Letters of appreciation Knick-knacks • Diaries/Planners • Calendars • Wallets • T-shirts • Company watches • Bags • Desk accessories • Tie-pins/Brooches Tokens • Early time-offs • Movie tickets • Coupons redeemable at stores • Vacation trips • Anniversary and birthday allowances/prese nts
Notas do Editor
- Family and Medical leave Act 1993Firms with more than 30 employees are legally bound in which workers are entitled to 12 weeks of unpaid leave during the 12 months in a year.