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Frienge Benefits
Frienge Benefits
Definition
Fringe benefit may be defined as
Compensation in addition to direct wages or salaries, such as company car, house allowance, medical insurance, paid holidays, pension schemes, subsidized meals. Some fringe benefits are regarded part of a taxable income
employee-compensation costs and therefore are not usually taxed. If the cost of fringe benefits were paid directly as wages, the worker would pay taxes on this amount and therefore have less to spend when purchasing equivalent benefits independently
an important part of employee incentives to obtain their loyalty and retaining them. The important objectives of fringe benefits are:
To create and improve sound industrial relations
their unsatisfied needs. To provide qualitative work environment and work life.
fringe benefits.
Health Protection
Old Age and Retirement
Employment Security
Benefits under this head include unemployment, insurance, leave travel pay, overtime pay, level for negotiation, holidays, cost of living bonus, jobs to the sons/daughters of the employees
pension, gratuity, provident fund, old age traveling concession to retired employees, jobs to sons/daughters of the deceased employee and the like.
This category covers the following benefits: anniversary awards, attendance bonus, canteen, cooperative credit societies, educational facilities, housing, income tax aid, stress counseling, safety measures etc.