ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Are non-wage compensations provided to employees in addition to their normal wages or salaries
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Never include retirement plans
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Are the same regardless of the company you work for
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Should not be a consideration when looking for a job
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Detailed explanation-1: -What are Employee Benefits? Employee Benefits are the indirect and non-cash compensation paid to an employee. These benefits are given to employees over their salaries and wages. They are also called fringe benefits that are offered to attract and retain employees.
Detailed explanation-2: -Statutory benefits include Employees’ Provident Fund; Employees’ State Insurance Scheme; statutory leaves; Gratuity; and Maternity Leave. Common employee perks include vehicle or transportation allowance, meal vouchers or subsidized cafeteria, and reimbursement of internet and mobile phone charges.
Detailed explanation-3: -Some of the benefits of providing the right compensation package to your employees are: Attracts top talent. Increases employee motivation at the workplace. Boosts employee loyalty.
Detailed explanation-4: -The cost of labor is the sum of all wages paid to employees, as well as the cost of employee benefits and payroll taxes paid by an employer.
Detailed explanation-5: -* Employee Benefit Expenses means expenses incurred on employees. It includes expenses such as salaries and wages, contribution to Provident Fund, staff welfare etc.