supplementary benefits
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SUPPLEMENTARY BENEFITS
NEHA PAUL (500021385)
YOGIATA SHARMA (500020829)
Employee Benefits & Services
O Meaning and Definition
O Why Benefits and Services?
O Types of Employee Benefits and Services
O Principles of Fringes
INTRODUCTION
O Would the three salespersons and the receptionist work for free? No.
O You always have to give things to people in return to what you take from them
O Compensation refers to this exchange.
O It is a means to attract, motivate and maintain employee
COMPENSATION
IndirectDirect
Benefits & Services
IncentivesBasic Pay
Why Benefits and Services?
O To persuade and motivate employee.
O Not linked with the employee performance
O Includes any benefits employee receive apart from the total direct benefits
O Helps increase the wealth and well-being of the employee at the cost of an employer
BENEFITS
O Indirect Compensation or benefits received from employment that is in addition to the regular, ordinary salary or wages.
Supplemental Pay
Time-Off Benefits
Insurance Benefits
Retirement Benefits
Types of Employee Benefits
Vacations and Holidays
Parental Leave
Supplemental Unemployment
Benefits
Supplemental Pay
Benefits
Unemployment Insurance
Sick Leave
Severance Pay
Supplemental Benefits
Pay For Time Not Worked
Insurance Benefits
Insurance Benefits
Health-Related Insurance
• Medical Insurance
• Managed Care
• Vision Insurance
• Dental Insurance
• Mental Health Insurance
Disability Insurance
Short Term Disability
Long Term Disability
Life Insurance
Retirement Benefits
Retirement plans to reward long service
employees
Contributory Plan:
Both employer and employee contribute
Non-Contributory Plan:
Employer pays the entire amount.
Also includes
Early Retirement
Retirement Counseling
Time- Off BenefitsRest from physical and mental efforts
of a jobSick days and
Well days
Leaves of Absence
Time-Off Breaks
On the Job breaks
Tea break, Meal break etc.
Holidays and Vacations
Family and Medical leave Act 1993
SERVICES
O An intangible commodity that the employees find desirable
O Usually provided by the organization at no cost to employee or at a significant reduction from what might have to be paid without the organization’s support.
O This might include eating facilities, transportation facilities, child care facilities, housing services , educational services, financial services (discount ) etc.
BENEFIT v/s SERVICEApplies to those items for which a direct monetary value to the individual employee can be ascertained
Applies to items for which a direct money value for the individual employee cannot be readily established
Benefits and Services
Treats
• Picnics• Birthday
treats• Festival
bashes• Dinner for
the family• Coffee breaks• Dinner boss• Free lunches
Awards
• Certificates• Citations• Plaques• Trophies• Scrolls• Letters of
appreciation
Knick-knacks
• Diaries/Planners• Calendars• Wallets• T-shirts• Company watches• Bags• Desk accessories• Tie-pins/Brooches
Tokens
• Early time-offs• Movie tickets• Coupons
redeemable at stores
• Vacation trips• Anniversary and
birthday allowances/presents
THANK YOU!Any queries?????
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