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

Direct

Indirect

Basic Pay

Incentives

Benefits & Services

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. Types of Employee Benefits
Insurance Benefits Retirement Benefits Time-Off Benefits

Supplemental Pay

Supplemental Benefits
Pay For Time Not Worked
Unemployment Insurance Vacations and Holidays

Sick Leave

Supplementa l Pay Benefits

Parental Leave

Severance Pay

Supplemental Unemployment 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

Insurance Benefits

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.
Early Retirement

Also includes
Retirement Counseling

Time- Off Benefits

Rest from physical and mental efforts of a job
On the Job breaks
Tea break, Meal break etc.

Sick days and Well days

Holidays and Vacations

Time-Off Breaks
Leaves of Absence

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 organizations support.
O This might include eating facilities, transportation

facilities, child care facilities, housing services , educational services, financial services (discount ) etc.

BENEFIT v/s SERVICE

Applies 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

Tokens

Awards
Picnics Birthday treats Festival bashes Dinner for the family Coffee breaks Dinner boss Free lunches Certificates Citations Plaques Trophies Scrolls Letters of appreciation

Knick-knacks Diaries/Planners Calendars Wallets T-shirts Company watches Bags Desk accessories Tie-pins/Brooches Early time-offs Movie tickets Coupons redeemable at stores Vacation trips Anniversary and birthday allowances/prese nts

THANK YOU!
Any queries?????