Employee benefits are optional, non-wage compensation provided to employees in addition to their normal wages or salaries. These types of benefits may include group insurance (health, dental, vision, life etc.), disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid), funding of education, as well as flexible and alternative work arrangements.
Types of Mandated Employee Benefits
- Flexible salary packages- salaried or hourly (full time or spilt)
- Health Insurance with vision and dental Insurance
- Flexible spending Accounts (FSA)
- Free sponsorship of H1b and Green card.
- 401 (K) Enrollment.
Here are just a few of the advantages of offering benefits to your employees:
- By providing increased access and flexibility in employee benefits, employers can not only recruit but retain qualified employees
- Providing benefits to employees is seen as managing high-risk coverage at low costs and easing the company's financial burden
- Employee benefits have been proven to improve productivity because employees are more effective with they are assured of security for themselves and their families
- Premiums are tax deductible as corporation expense, which means savings for the organization
- Employees can experience a peace of mind which leads to increased productivity and satisfaction by being assured that they are their families are protected in any mishap
- Employees with personal life and disability insurance can enjoy additional protection including income replacement in the event of serious illness or disability
- Employees can feel a sense of pride in their employer if they are satisfied with the coverage they receive