FRINGE BENEFITS. What is Fringe Benefit ?? What is Fringe Benefit ?? A fringe benefit is generally defined as a benefit not being salary, wage or other.

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Presentation transcript:

FRINGE BENEFITS

What is Fringe Benefit ?? What is Fringe Benefit ?? A fringe benefit is generally defined as a benefit not being salary, wage or other cash remuneration, derived from employment.. Such benefits usually apply more frequently to salaried employees. It does not covered directly by awards or certified agreements. But it includes low interest loans, provision of cars & car allowances, insurance, subsidized meals etc..

Types of Fringe Benefits - Types of Fringe Benefits - Fringe benefits are generally classified under four heads – For Employment Security – This head includes the benefits like For Employment Security – This head includes the benefits like - Insurance - Technological Adjustment Pay - Leave Travel Pay - Overtime Pay - Leave for Maternity - Holidays - Cost of living bonus For Health Protection – This Includes For Health Protection – This Includes - Accident Insurance - Disability Insurance - Health Insurance - Life Insurance - Medical Care - Sick Leave

For Old Age & Retirement – This includes For Old Age & Retirement – This includes - Pension - Gratuity - Provident Fund - Medical Benefits for retired person - Travelling concession to retired employees - Jobs to sons/daughters For Personnel Identification, Participation & Stimulation – This includes For Personnel Identification, Participation & Stimulation – This includes - Anniversary Awards - Attendance Bonus - Canteen - Educational Services - Housing - Income Tax Aid - Stress Counseling - Safety Measures

Objectives of Fringe Benefits - To boost up the employee morale.. To boost up the employee morale.. To motivate the employees by identifying & satisfying their unsatisfied needs.. To motivate the employees by identifying & satisfying their unsatisfied needs.. To provide qualitative work environment & work life.. To provide qualitative work environment & work life.. To provide security to the employees against social risks like old age benefits and maternity benefits.. To provide security to the employees against social risks like old age benefits and maternity benefits.. To protect the health of the employees and to provide safety to the employees against accidents.. To protect the health of the employees and to provide safety to the employees against accidents.. To create a sense of belongingness among employees and to retain them.. To create a sense of belongingness among employees and to retain them.. To promote the employee welfare by providing welfare measures like recreation facilities.. To promote the employee welfare by providing welfare measures like recreation facilities..

Fringe Benefits provided in Make My Trip Fringe Benefits provided in Make My Trip - Recharge of employee’s mobile phones Recharge of employee’s mobile phones Free treatment facilities Free treatment facilities Movie tickets – once or twice in a month Movie tickets – once or twice in a month Food coupon - once in a month Food coupon - once in a month Free shopping vouchers Free shopping vouchers

Advantages of Fringe Benefits - Employer Advantages – Boost employee’s morale & pride in the company Boost employee’s morale & pride in the company Helps attract & retain better qualified employees Helps attract & retain better qualified employees Provides high risk coverage at low costs easing the company’s financial burden Provides high risk coverage at low costs easing the company’s financial burden Improves efficiency & productivity of the employees as they are assured of security of their families & themselves Improves efficiency & productivity of the employees as they are assured of security of their families & themselves Employee Advantages – Provides tax benefits Provides tax benefits Peace of mind as there is a security for the employee & his family Peace of mind as there is a security for the employee & his family Employees with personal life insurance enjoy additional protection Employees with personal life insurance enjoy additional protection Boost staff morale & pride in the company Boost staff morale & pride in the company

Thank you…