{"id":2238,"date":"2011-06-28T08:08:35","date_gmt":"2011-06-28T08:08:35","guid":{"rendered":"http:\/\/www.yourhrworld.com\/formats\/?p=2238"},"modified":"2011-06-28T08:08:35","modified_gmt":"2011-06-28T08:08:35","slug":"fringe-benefits","status":"publish","type":"post","link":"https:\/\/www.yourhrworld.com\/formats\/compensation-and-benefits\/fringe-benefits\/","title":{"rendered":"Fringe benefits"},"content":{"rendered":"<h2><\/h2>\n<h4>1. Definition of fringe benefits<\/h4>\n<p>Employee benefits (also called fringe benefits) are various non-wage compensations provided to employees in addition to their normal wages or salaries.<\/p><div class=\"69eb924294c115e6505da44099e8df92\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<script type=\"text\/javascript\"><!--\r\ngoogle_ad_client = \"pub-0867779017855679\";\r\n\/* 300x250, created 4\/20\/11 *\/\r\ngoogle_ad_slot = \"1035864135\";\r\ngoogle_ad_width = 300;\r\ngoogle_ad_height = 250;\r\n\/\/-->\r\n<\/script>\r\n<script type=\"text\/javascript\"\r\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\r\n<\/script>\n<\/div>\n\n<h4>2. Purpose of fringe benefits:<\/h4>\n<p>The purpose of employee benefits is to retain people in the organization and not to stimulate them to greater effort and higher performance.<\/p>\n<h4>3. Advantages of fringe benefits:<\/h4>\n<p><strong>Advantages for employer<\/strong><\/p>\n<p>\u2022 Improves efficiency and productivity as employees are assured of security for themselves and their families.<\/p>\n<p>\u2022 Premiums are tax deductible as corporation expense, which means savings with quality coverage.<\/p>\n<p>\u2022 Helps attract and retain better qualified employees.<\/p>\n<p>\u2022 Provides high risk coverage at low costs easing the company\u2019s financial burden.<\/p>\n<p><strong>Advantages for employees<\/strong><\/p>\n<p>\u2022 Employees with personal life insurance enjoy additional protection.<\/p>\n<p>\u2022 Confidence in company\u2019s schemes boost staff morale and pride in company.<\/p>\n<p>\u2022 Employees enjoy cheaper rates negotiated through their employer than they could obtain as an individual.<\/p>\n<p>\u2022 Peace of mind leading to better productivity as employees are assured of provision for themselves and families in any mishap.<\/p>\n<h4>4. Types of fringe benefits:<\/h4>\n<p><strong>\u2022 Premium Payments: <\/strong>This is the period of time a worker has worked, and payment is based on daily or weekly.<\/p>\n<p><strong>\u2022 Payment for time not worked:<\/strong> Which include payment for sick leave and for time during which an employee is under medical care. Payments for holiday, vacations, call back time, dressing time, portal-to-portal time and wet time.<\/p>\n<p><strong>\u2022 Payment for employee service:<\/strong> This include Cafeteria subsidies, union credit, house financing etc.<\/p>\n<p><strong>\u2022 Payment for special duties:<\/strong> Such as working on grievance redressal procedures and labour contract negotiations.<\/p>\n<p><strong>\u2022 Payments for health &amp; Security benefits:<\/strong> These include retirement plans, social security payments, Saving plans, Profit sharing plans, Group Life Insurance etc.<\/p>\n<p><strong>\u2022 Other expenditure:<\/strong> Like holiday bonus, on educational reimbursements, employee uniforms, work cloths, supper money or meal allowance etc.<\/p>\n<p><strong><a href=\"https:\/\/www.yourhrworld.com\/formats\/wp-content\/uploads\/2011\/06\/Fringe-benefits.doc\">Click Here To Download Fringe benefits<\/a><\/strong><\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>1. Definition of fringe benefits Employee benefits (also called fringe benefits) are various non-wage compensations provided to employees in addition to their normal wages or salaries. 2. Purpose of fringe benefits: The purpose of employee benefits is to retain people in the organization and not to stimulate them to greater effort and higher performance. 3. Advantages of fringe benefits: Advantages for employer \u2022 Improves efficiency and productivity as employees are assured of security for themselves and their families. \u2022 Premiums are tax deductible as corporation expense, which means savings with quality coverage. \u2022 Helps attract and retain better qualified employees.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[514,530],"tags":[545],"class_list":["post-2238","post","type-post","status-publish","format-standard","hentry","category-compensation-and-benefits","category-employee-benefits","tag-fringe-benefits"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fringe benefits - HR Letter Formats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yourhrworld.com\/formats\/compensation-and-benefits\/fringe-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fringe benefits - HR Letter Formats\" \/>\n<meta property=\"og:description\" content=\"1. Definition of fringe benefits Employee benefits (also called fringe benefits) are various non-wage compensations provided to employees in addition to their normal wages or salaries. 2. Purpose of fringe benefits: The purpose of employee benefits is to retain people in the organization and not to stimulate them to greater effort and higher performance. 3. 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