E Employee benefits and benefits in kind (also called fringe benefits, perquisites, perqs or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. Examples of these benefits include:
housing (employer-provided or employer-paid),
group insurance (health, dental, life etc.),
disability income protection,
daycare & tuition paymetns,
vacation (paid and non-paid),
personal use of a company owned vehicle and other similar benefits funding of education, and other specialized benefits.
•Purpose of Benefits
The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization.
Definition of 'Fringe Benefits'
A collection of various benefits provided by an employer, which are exempt(free from) from taxation as long as certain conditions are met. Any employee who receives taxable fringe benefits will have to include the fair(reasonable) market value of the benefit in their taxable income for the year, which will be taxed with social...