Employee fringe benefits and perks in the form include various kinds of non- wage or low- wage compensation offered to employees as well as their regular wages or salary. Such instances where an employee trades wages for any other type of monetary benefit is normally called a “payout” or “price fixing” deal. In most cases, it is the company that compensates the employee in lieu of a payment or down payment but the employee can also seek reimbursement from their supervisor or their union if their compensation is less than the agreed amount. Moreover, they are also entitled to certain tax rebates if they have chosen to get all the fringe benefits through the company.
Usually, benefits such as medical insurance, dental care, travel insurance, vision care, life insurance, accident insurance, home health care, legal assistance and relocation expenses are the most popular ones. However, any employee can ask for these benefits, subject to the availability and approval of the benefits by the company. They must also be offered in writing by the employer and must comply with the company’s fringe benefits policy. Usually, this policy is referred to as an “Employment agreement”. A good employment agreement should contain the provision for the periodic payments of accrued benefits, the inclusion or exclusion of particular benefits and the manner of applying for such benefits. It also makes it clear that an employee who has retired from employment and has not started earning through the workplace and the procedure for the withdrawal of these benefits.
These agreements are usually drafted with two parties. There is a person who represents the employee and there is another who represents the employer. The employee can choose to represent themselves or they can hire a lawyer who will do the legal paperwork on their behalf. The latter also ensures that the employees’ rights are protected during dismissal and at other times.
It is recommended that before getting into any agreement regarding fringe benefits for employees, the employee should try to understand the legal terms being used and the consequences that he/she might face as a result of non-compliance. A lawyer will also guide an employee through the entire process of opting for these benefits and make sure that the agreement is notarized. These documents should be reviewed and signed by all parties involved in the employment agreement. An employee may also consider approaching an employee benefits advisor for help regarding these matters.
The most common types of fringe benefits provided to employees are medical benefits, dental benefits, life insurance, accident benefits, pension, accident compensation and social security benefits. Some employers also provide cash advances and loan repayment facilities. In addition to the above, companies may also provide cash advances for purchasing vehicles, clothes and cosmetic items. Some companies also give time off and vacation discounts for employees who have reached a certain age.
It is important to choose the best insurance and fringe benefits that suit the needs of the employees. It is important to check whether the chosen insurance covers only annual or total fringe benefits. There are many insurance companies that specialize in providing these services and offering comprehensive employee insurance packages. The Internet is a good source of information, where you can read reviews and compare the different policies offered by different companies.