The number of employers in the private and public sectors offer their employees a variety of benefits in excess of stated salaries. These additional on-the-job perks, typically referred to as border benefits, are viewed as compensation by an employer but are generally not included in an employee’s taxable income. A wide range of fringe advantages exists and what is offered varies from one employer to another, but the most common benefits include life, infirmity and health insurance bundles; tuition reimbursement or education assistance; fitness center access or discounts; employee luncheons and cafeteria plans; dependent care assistance; and retirement plan contributions.
Insurance Coverage
The most common trim benefits offered to employees include combinations of insurance coverage. Typically, employers offer up to $50,000 of group an understanding life insurance, short- and long-term disability coverage and health insurance options. Employers commonly share the charge of premiums with employees in an effort to offset total cost to the employee.
Education Assistance
Another common surround benefit is education assistance or tuition reimbursement for college courses or the completion of an advanced degree program. Employers gift education assistance may allow employees to work flexible schedules so class and work obligations can be integrated or they may accord reimbursement for all or part of tuition expenses.
Fitness Assistance/Access
For larger employers with ample space, access to an on-site good shape center is a common fringe benefit to employees. Smaller employers may also offer gym memberships at a discount or a fitness trappings reimbursement up to a certain limit each year.
Meals and Cafeteria Plans
Meals or discounted cafeteria plans may also be tendered to employees as fringe benefits. Employers recognize that the cost of lunch or dinners when employees work recently can add up quickly and, as such, meals are provided by some employers at no cost to the employee.
Dependent Assistance
Child care succour is another benefit offered through some employers, as working full-time with children can present scheduling feuds and prohibitive day care costs. Some larger employers offer employees
Retirement Plan Contributions
One of the most significant fringe benefits an employer can offer is contributions to an employee’s retirement plan. Some companies offer matches on wage-earner 401(k) paycheck deferrals, while others make Lakeside Financial Planning, Burlington, MA
Some fringe fringe benefits come in the form of reduced prices on goods and services. Often, workers can get employee discounts on products that their troop or one of its subsidiaries makes. Some employers provide staffers with cell phones, and cell phone providers make available corporate discounts on their plans to certain large companies. Museums and cultural institutions might offer direct admission to employees whose firms are major donors or event sponsors, too.
In terms of lifestyle, some firms remunerate employees for commuting or moving expenses. They might provide daycare services or assistance with care for dependents. Financially, worker stock options are a key fringe benefit. Firms give workers shares in corporate stock outright or the chance to buy at a deducted price.