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Employees Benefits and Services. DR. Anil Mehta. Meaning. Employees benefits and services include any benefits that the employ receives in addition to direct remuneration. Why Benefits and Services Increased earnings to employees Less distortion in salary structure Stable employees

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slide1

Employees Benefits

and

Services

DR. Anil Mehta

slide2

Meaning

Employees benefits and services include any benefits that the employ receives in addition to direct remuneration

slide3

Why Benefits and Services

  • Increased earnings to employees
  • Less distortion in salary structure
  • Stable employees
  • High productivity
  • Less fatigue
  • Good company image
  • Enhanced employee morale
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Types of Fringe Benefits

  • Payment for time not worked
  • Hours of work
  • Paid holidays
  • Shift premium
  • Holiday pay
  • Paid vacation
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(B) Employee Security

  • Retrenchment Compensation
  • Lay-off Compensation
  • (C) Safety and Health
  • Safety measures
  • Workman’s compensation
  • Health benefits
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(D) Welfare and recreational facilities

  • Canteens
  • Consumer societies
  • Credit societies
  • Housing
  • Legal aid
  • employee counseling’
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Holiday homes

  • Educational facilities
  • Transportation
  • Parties &Picnic
  • Miscellaneous organizing games ,with awards ,setting of clubs, Festival gifts, birthday gifts, annual ,awards. Productivity /performance awards etc.
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(E) Old Age and Retirement Benefits

  • Provident Fund
  • Pension
  • Deposit linked insurance
  • Gratuity
  • Medical benefits
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Employees Stock Option Plan

  • Benefits to the employee
  • Employees remain loyal and committed to the company
  • It motivates them to to do well and share the fruits of progress
  • Better industrial relations, reduce employees turnover, lesser supervision, and other incidental benefits
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He becomes part owner, sharing dividends, bonuses, and other benefits, like any other shareholder

  • If the stock appreciates, he gains substantially
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