Fringe Benefits
Fringe benefits are additional compensations beyond wages, including health insurance, retirement plans, and paid time off, enhancing employee compensation packages.
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Definition
Fringe benefits are additional compensations provided to employees beyond their regular hourly wage or salary. These benefits can vary significantly between projects, cities, and states.
Purpose
The purpose of fringe benefits is to offer employees additional incentives and support, improving job satisfaction and overall compensation packages. They can include health insurance, retirement plans, paid time off, and other perks.
Examples of Use
- Construction companies may offer health insurance and retirement plans as part of their fringe benefits to attract and retain skilled workers.
- Public sector jobs often provide extensive fringe benefits, including pension plans, paid holidays, and tuition reimbursement.
Related Terms
- Compensation Package: The total value of an employee's pay and benefits.
- Perks: Informal benefits or privileges granted to employees.
- Employee Benefits: Various forms of non-wage compensation provided to employees in addition to their salaries.
Notes
Fringe benefits can significantly impact an employee’s decision to accept or stay in a job. Employers should communicate these benefits clearly and ensure they comply with local and national regulations.
Related Terms
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