Employee Benefits And Services Pdf
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Related Links. Benefits are any perks offered to employees in addition to salary.
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Employee benefits and especially in British English benefits in kind also called fringe benefits , perquisites , or perks include various types of non-wage compensation provided to employees in addition to their normal wages or salaries.
In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing employer-provided or employer-paid furnished or not, with or without free utilities; group insurance health , dental , life etc. The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization. Colloquially, "perks" are those benefits of a more discretionary nature.
Often, perks are given to employees who are doing notably well or have seniority. Common perks are take-home vehicles , hotel stays, free refreshments, leisure activities on work time golf , etc. They may also be given first chance at job promotions when vacancies exist. The Bureau of Labor Statistics,  like the International Accounting Standards Board,  defines employee benefits as forms of indirect expenses.
Managers tend to view compensation and benefits in terms of their ability to attract and retain employees, as well as in terms of their ability to motivate them. Employees — along with potential employees — tend to view benefits that are mandated by regulation differently from benefits that are discretionary, that is, those that are not mandated but are simply designed to make a compensation package more attractive. Benefits that are mandated are thought of as creating employee rights or entitlements, while discretionary benefits are intended to inspire employee loyalty and increase job satisfaction.
Employee benefits in Canada usually refer to employer sponsored life, disability, health, and dental plans. Such group insurance plans are a top-up to existing provincial coverage. An employer provided group insurance plan is coordinated with the provincial plan in the respective province or territory, therefore an employee covered by such a plan must be covered by the provincial plan first.
The life, accidental death and dismemberment and disability insurance component is an employee benefit only. Some plans provide a minimal dependent life insurance benefit as well. The dental plan usually includes Basic Dental cleanings, fillings, root canals , Major Dental crowns, bridges, dentures or Orthodontics braces. Other than the employer sponsored health benefits described above, the next most common employee benefits are group savings plans Group RRSPs and Group Profit Sharing Plans , which have tax and growth advantages to individual saving plans.
Employee benefits in the United States include relocation assistance ; medical, prescription, vision and dental plans ; health and dependent care flexible spending accounts ; retirement benefit plans pension, k , b ; group term life and long-term care insurance plans; legal assistance plans; medical second opinion programs, adoption assistance; child care benefits and transportation benefits; paid time off PTO in the form of vacation and sick pay.
Benefits may also include formal or informal employee discount programs that grant workers access to specialized offerings from local and regional vendors like movies and theme park tickets, wellness programs , discounted shopping, hotels and resorts , and so on.
Employers that offer these types of work-life perks seek to raise employee satisfaction, corporate loyalty, and worker retention by providing valuable benefits that go beyond a base salary figure. Some function as tax shelters for example, flexible spending, k , or b accounts. Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule includes certain executive benefits e.
American corporations may also offer cafeteria plans to their employees. These plans offer a menu and level of benefits for employees to choose from. In most instances, these plans are funded by both the employees and by the employer s. The portion paid by employees is deducted from their gross pay before federal and state taxes are applied. Some benefits would still be subject to the Federal Insurance Contributions Act tax FICA , such as k  and b contributions; however, health premiums, some life premiums, and contributions to flexible spending accounts are exempt from FICA.
If certain conditions are met, employer provided meals and lodging may be excluded from an employee's gross income. If meals are furnished 1 by the employer; 2 for the employer's convenience; and 3 provided on the business premises of the employer they may be excluded from the employee's gross income per section a.
In addition, lodging furnished by the employer for its convenience on the business premise of the employer which the employee is required to accept as a condition of employment is also excluded from gross income. Importantly, section a only applies to meals or lodging furnished "in kind.
Qualified disaster relief payments made for an employee during a national disaster are not taxable income to the employee. The payments must be reasonable and necessary personal, family, living, or funeral expenses that have been incurred as a result of a national disaster.
Eligible expenses include medical expenses, childcare and tutoring expenses due to school closings, internet, and telephone expenses. Replacement of lost income or lost wages are not eligible.
Employee benefits provided through ERISA Employee Retirement Income Security Act are not subject to state-level insurance regulation like most insurance contracts, but employee benefit products provided through insurance contracts are regulated at the state level. Under the Obamacare or ACA's Employer Shared Responsibility provisions, certain employers, known as applicable large employers are required to offer minimum essential coverage that is affordable to their full-time employees or else make the employer shared responsibility payment to the IRS.
Private firms in the US have come up with certain unusual perquisites. In the United States paid time off, in the form of vacation days or sick days, is not required by federal or state law. In the United Kingdom, employee benefits are categorised by three terms: flexible benefits flex and flexible benefits packages, voluntary benefits and core benefits.
Employees may be unable to remove these benefits, depending on individual employers' preferences. Flexible benefits, often called a "flex scheme", is where employees are allowed to choose how a proportion of their remuneration is paid or they are given a benefits budget by their employer to spend.
Currently around a third of UK employers operate such a scheme. When flex first emerged, it was run as a formal scheme for a set contract period, through which employees could opt in and out of a selection of employer-paid benefits, select employee-paid benefits, or take the cash. In recent years increasing numbers of UK companies have used the tax and national insurance savings gained through the implementation of salary sacrifice benefits to fund the implementation of flexible benefits.
In a salary sacrifice arrangement an employee gives up the right to part of the cash remuneration due under their contract of employment. Usually the sacrifice is made in return for the employer's agreement to provide them with some form of non-cash benefit. The most popular types of salary sacrifice benefits include childcare vouchers and pensions.
A number of external consultancies such as Barnett Waddingham, JLT , Thomsons and Benefex exist that enable organisations to manage Flex packages centred around the provision of an Intranet or Extranet website where employees can view their current flexible benefit status and make changes to their package.
These tend to include benefits such as the government-backed and therefore tax-efficient cycle to work, pension contributions and childcare vouchers and also specially arranged discounts on retail and leisure vouchers, gym membership and discounts at local shops and restaurants providers include Xexec.
These can be run in-house or arranged by an external employee benefits consultant. In a number of countries e. In India , the fringe benefits tax was abolished in In the United States , employer-sponsored health insurance was considered taxable income until In the UK, benefits are often taxed at the individual's normal tax rate,  which can prove expensive if there is no financial advantage to the individual from the benefit.
The UK system of state pension provision is dependent upon the payment of National Insurance Contributions. Salary exchange schemes result in reduced payments and so are may reduce the state benefits, most notably the State Second Pension. From Wikipedia, the free encyclopedia.
Non-wage compensation provided to employees in addition to normal wages or salaries. For the computer workstation, see PERQ.
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Employer Benefits Services
Read this article to learn about the meaning, features, objectives, principles and problems of employee benefits. In addition to compensation in the form of wages and salaries, organisations provide workers with various services and programmes known as employee benefits. Previously these services and programmes were known as fringe benefits. Now these have become part of compensation package hence the word fringe in now not used and not appropriate even. Nowadays employee benefits are regarded as an important tool to retain employees and to improve the bottom-line of the organisation. The organisations that provide these benefits to their employees have improved image of caring employer.
Employers can offer a wide variety of benefits to their employees. Benefits are designed to help employees meet basic needs they might not otherwise be able to meet on their own. For instance, the high cost of health insurance is often offset by employer contributions to the employee's premium. Employee services are employee benefits, but they are a more specific form of employee benefit that employers offer to help instill loyalty among their workers. Small business owners must decide which benefits and services to offer employees.
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Need to make changes, complete paperwork, or simply want more information about your plan? Reference the forms and summaries below for more guidance. If you are unsure about whether or not you need to submit a form, or which form you need to complete, please contact Human Resources. Most of these links drive to PDF documents for you to download and print when appropriate.
Employee Benefits Compensation Salary Surveys. In addition to the articles on this current page, also see the following blogs that have posts related to Benefits and Compensation. Scan down the blog's page to see various posts. Also see the section "Recent Blog Posts" in the sidebar of the blog or click on "next" near the bottom of a post in the blog. The blog also links to numerous free related resources.
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