Types of Employee Benefits
Working in the corporate hubbub can sometimes be hectic. You are working hard to earn money, but there are times when you may not find yourself healthy or capable enough to head to the office. This is when your employer gives you certain benefits. One such kind of these benefits provided by the employer is medical liens. Your employer may provide you with medical lien funding, which helps you with the medical expenses in your treatment. Apart from this, there are many other kinds of allowances that an employee receives from the employer.
Employee benefits are basically some non-wage compensations granted to the employee while he or she is away. These are usually distributed during different situations, such as when you are going on a vacation, when you are sick, or annual events like on Christmas, etc. Some of the prominent benefits in the corporate world include:
Company owners plan for your retirement when you will not be able to continue with your job. They keep aside a share, and it builds up from your early career till your retirement age. In general, there are two main branches of this. The first one is the defined benefit plan. This is also known as a pension plan most of the times. With a pension plan, your employer will deduct a portion of your wages to invest in some funds. This is usually applicable in the case of 401(k) plans. However, different plans have different schemes, for example there are plans where your employer will have to save up for your pension plan.
A life insurance plan helps your family or spouse in case of your accidental death. An employer can grant you a life insurance policy if he sponsors a group plan. Just think, private insurance policies are more expensive than company sponsored life insurance plan, thus you are getting a good deal. If you have a company sponsored life insurance plan, your employer will provide the insurance benefits at once to your family. Usually, this is for full-time workers in medium and large companies.
Fringe benefits are basically a number of non-cash payments to employees. Usually this is given to young and talented employees. Fringe benefits include tuition assistance, medical and child care spending accounts. Employees that are most benefitted from these benefits are students who can continue with their studies, and keep up their work side by side. This will also be very helpful for your career, as you will be given tuition assistance on courses that can help you out in your career.
All employers might not offer this benefit to their employees, but some of them do. This is an allowance given to you when you are getting married. The requirement to qualify for this benefit is a form that shows proof of your domestic alliance or financial independence. Even though this benefit is taxable by the federal government, it provides domestic-partner benefits and family health insurance.
So, these are some of the important benefits you can get while working. There are others as well, such as disability income protection, day care, sick leave and much more.
