Employee benefits, 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.
Examples of these benefits include:
- housing (employer-provided or employer-paid)
- group insurance (health, dental, life etc.)
- disability income protection
- retirement benefits
- sick leave
- vacation (paid and non-paid)
- study bursary schemes
The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organisation. As such, it is one component of reward management.
Exshell Financial Services Trust help Employers to compile and manage employee benefit packages which suit their company’s requirements and initiatives.
