article thumbnail

Importance of Employee Benefit Package And Why it Matters

HR Digest

Employee benefits have become an essential part of any competitive compensation package. From mandated health insurance plans to free snacks, benefits and perks can play a big role in talent attraction and employee retention. The mandatory benefits form the foundation of all employee benefit packages.

article thumbnail

What Are fringe benefits? Options, taxability, and other considerations.

Business Management Daily

Taxable examples of fringe benefits might include: Gym memberships Moving stipends beyond the actual moving cost Personal use of a company car Frequent flyer miles when converted to cash Certain life insurance payments Information like this can come as a shock. Fringe benefits should align with the company’s values and culture.

Taxes 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Employee Benefits in the UK: Unlocking the Perks of a Happy, Productive Workforce

Empuls

The UK government has divided the various employee benefits into two categories: mandatory benefits and non-mandatory benefits. Types of employee benefits in the UK Here are some of the best employee benefits in the UK. employees in private health care that cover dental and vision care as well.

article thumbnail

Employee Benefits Guide for 2023: What Employers Need To Know

Vantage Circle

Highlights Meaning of employee benefits Imoprtance of employee benefits Types of employee benefits Legally mandatory benefits Popular employee benefits Creative and budget-friendly benefit ideas What Are Employee Benefits? Health Insurance A healthy employee is a productive employee.

article thumbnail

How to Calculate Employee Benefits: The Ultimate Handbook

Empuls

Types of employee benefits Before delving deeper into learning the process of calculating employee benefits, let’s understand the major types of employee benefits. Statutory benefits Statutory or mandatory benefits are legal requirements that businesses need to comply with.