GENERAL KNOWLEDGE

Detailed explanation-1: -Fringe benefits are the additional benefits offered to an employee, above the stated salary for the performance of a specific service. Some fringe benefits such as social security and health insurance are required by law, while others are voluntarily provided by the employer.

Detailed explanation-2: -There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans.

Detailed explanation-3: -Benefits are a form of non-cash compensation, which your employer usually states in your contract. Benefits aren’t linked to employee performance, unlike Rewards. Rewards are a motivational tool used to get the best from your employees. Benefits and rewards both have very different traits, but more on that later.

Detailed explanation-4: -In addition to compensation in the form of wages and salaries, organisations provide workers with various services and programmes known as employee benefits. Previously these services and programmes were known as fringe benefits.