Work related fringe benefits are those benefits that are granted to an individual or a group of employees to enhance the operation of the employer’s business. In general, this includes those benefits that are not ordinarily included in an employee’s wages. Facilitating fringe benefits can make a business more attractive to and successful. It also helps employees understand and participate better in their work. The following are the four types of fringe benefits most often provided to employees by employers.
Employee benefits and perks in the form include various forms of non-monetary compensation offered to employees as well as their regular wages or salaries. For instance, an employee may exchange wages for some form of bonus or perk. The types of benefits most frequently provided are health insurance, paid vacations, paid holidays, child care benefits, paid relocation expenses, paid training and development, and paid transportation. Instances in which an employee trades wages for any other type of fringe benefit is commonly known as a “payout,” “rewarding event,” “performance incentive,” or a “marketing benefit.” All other types of fringe benefits, such as retirement plans, are typically referred to collectively as “perk-ups.”
Employment discrimination is an illegal practice in most countries. Such practices include age and religion discrimination. Some employers have taken steps to ensure that they don’t discriminate against employees on the basis of age, race, gender, union membership, or for reasons of pregnancy, childbirth, or family responsibilities. The Equal Employment Opportunity Commission, or EEOC, has been charged with pursuing claims of age and religion discrimination on the basis of race, age, sex, and/or disability. The EEOC does so through an agency called the Office of Federal Employment Standards, or OSEP.
Benefits that are provided are meant to encourage current employees to remain with the employer. Such perks include medical benefits, life insurance, vision care, dental, life, travel, and similar employee benefits. fringe benefits are not considered income for employees under federal income tax law. Such benefits, if provided, are not taxable income for an employee. This is one way an employee can get more tax deductions.
Employee benefits are considered “fringe benefits” when they are primarily designed to reward an employee for being a loyal customer or otherwise doing a good job. Examples include airline miles, free meals, and other gifts. The majority of employers classify as many employee fringe benefits as possible. They may also provide these types of rewards only to those who work in specific fields. For example, an air miles program may be offered only to those who fly a lot. Such programs are often targeted towards sales employees.
fringe benefits provide employers a way to reward their good employees with extra perks and benefits. They can also offer them as a way to entice new employees. In fact, most employers actually offer some type of rewards to new employees. These benefits are most appealing to the employee’s peers. These rewards help an employee to build a positive reputation and increase their self-confidence which helps them do a better job.