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Fringe benefits


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Fringe benefits

  1. 1. FRINGE BENEFITS BY:- Ihsan Ali
  2. 2. CONTENTS <ul><li>Employee Benefits </li></ul><ul><li>Introduction of fringe benefits </li></ul><ul><li>Needs for Fringe Benefits </li></ul><ul><li>Objectives </li></ul><ul><li>Types of Fringe Benefits </li></ul><ul><li>Administration of Fringe Benefits </li></ul><ul><li>Principles of Fringe Benefits </li></ul><ul><li>Conclusion </li></ul>
  3. 3. <ul><li>Employee benefits </li></ul><ul><li>are various non-wage compensations provided to employees in addition to their normal wages or salaries. </li></ul>
  4. 4. Fringe Benefits <ul><li>Extra benefits provided to employees. </li></ul><ul><li>They are paid to all employees based on their membership. </li></ul><ul><li>The term fringe benefits refers to the extra benefits provided to employees </li></ul>
  5. 5. Main features <ul><li>They are paid to all employees. </li></ul><ul><li>They are indirect compensation. </li></ul><ul><li>They help raise the living conditions. </li></ul><ul><li>They may be voluntary. </li></ul>
  6. 6. Need For Fringe Benefits <ul><li>Employee demands </li></ul><ul><li>Trade Union Demands </li></ul><ul><li>Employer’s preference </li></ul><ul><li>As a social security </li></ul><ul><li>To improve human relations </li></ul>
  7. 7. Objectives of Fringe Benefits <ul><li>To create and improve sound industrial relations. </li></ul><ul><li>To motivate the employees. </li></ul><ul><li>To provide security to employees. </li></ul><ul><li>To promote employees’ welfare. </li></ul><ul><li>To protect the health of employees. </li></ul>
  8. 8. Types of Fringe Benefits <ul><li>Payment for time not worked </li></ul><ul><li>Employee security </li></ul><ul><li>Retrenchment compensation </li></ul><ul><li>lay off compensation. </li></ul><ul><li>Personal identification and participation </li></ul><ul><li>Health protection </li></ul><ul><li>Old age and retirement benefits </li></ul>
  9. 9. Administration of Fringe Benefits <ul><li>Establish Benefit Objectives </li></ul><ul><li>Assess Environmental Factors </li></ul><ul><li>Access Competitiveness </li></ul><ul><li>Communicate Benefit Information </li></ul><ul><li>Control Benefit Cost and Evaluation </li></ul>
  10. 10. Principles of Fringe Benefits <ul><li>Cost effective </li></ul><ul><li>Must satisfy a real need </li></ul><ul><li>Sound planning </li></ul><ul><li>Wishes of employees must be considered </li></ul><ul><li>Devise new ways to involve workers and their representatives at all levels of planning and implementation. </li></ul>
  11. 11. CONCLUSION <ul><li>Basically, a fringe benefit is a benefit provided to an employee or an associate (for example- family, spouse and children) because of his employment. </li></ul><ul><li>Fringe benefits provide output in terms of employee loyalty and cooperation, employee welfare and create organizational image. </li></ul>
  12. 12. <ul><li>THANKXXXX </li></ul>