Paid time off the definition of paid time off is any

Info icon This preview shows pages 191–193. Sign up to view the full content.

View Full Document Right Arrow Icon
stress what they had faced in the job. Paid time off The definition of paid time off is any time not worked by an employee for which the regular rate, a fixed or a prorated amount of pay, is accrued and paid to the employee. Perquisites The term perqs (also perks )is often used colloquially to refer to those benefits of a more discretionary nature. Often, perks are given to employees who are doing notably well and/or have seniority. Common perks are take-home vehicles, hotel stays, free refreshments, leisure activities on work time (golf, etc.), stationery, allowances for lunch, and when multiple choices exist first choice of such things as job assignments and vacation scheduling. Employee Health Insurance Benefits The most fundamental of all basic employee benefits is health insurance, which should be provided so that staff members can visit the doctor when they fall ill. Not only does this help the employee save money, but it also helps the employer by encouraging staff members to get treatment, thus allowing them to return to work more quickly and not spread illness to the rest of the staff. Paid Leave Similar to employee health insurance benefits, paid leave allows sick employees to stay home and recover without jeopardizing their paychecks. Paid leave, like paid vacation, can take many forms. For example, maternity and paternity leave. Retirement Plans A retirement plan allows employees to prepare for their futures, securing their financial stability after they have aged out of the work force. Furthermore, it is easier for businesses to offer retirement benefits than most people think. Fringe Benefits Employees are paid several benefits in addition to wages, salaries, allowances and bonus. These benefits and services are called “fringe benefits’ because these are offered by the employer as a fringe. The main features of fringe benefits are as follows: (i) fringe benefits are a supplement to regular wages or salaries (ii) these benefits are paid to workers not for any specific job or performance but to stimulate their interest in the work (iii) fridge benefits involve a labour cost for the employer and are not meant directly to improve efficiency. (iv) fringe benefits refer to items for which a direct monetary value to the employee can be ascertained (v) fridge benefits add to the workers standard of living or welfare and (vi) these benefits may be statutory or voluntary
Image of page 191

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
186 20.3.4 Objectives of Fringe Benefits 20.3.5 Types of Fringe Benefits Old age payments, Paid vacations, Survivor payments, Disability and health insurance Profit sharing, Pension plans, Bonuses, Life insurance, Education payments, Dental insurance, Worker's compensation, Accident insurance, Unemployment compensation, Discounts on goods/services purchased from the company and Child care.
Image of page 192
Image of page 193
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern