KEYTAKEAWAYS
Explore Fringe Benefits, non-monetary perks like company cars and mobile phones, enhancing compensation packages and job satisfaction for employees.
CONTENT
DEFINITION
Fringe Benefits – Non-Monetary Perks within Compensation Packages
Fringe benefits, often referred to as employee benefits or perks, are non-monetary advantages and supplementary components included in an individual’s or employee’s overall compensation package. These benefits go beyond the conventional salary or wages and serve to enhance the attractiveness of an employment offer.
Fringe benefits encompass a diverse range of offerings, including company cars, mobile phones, health insurance, paid leave, retirement plans, and more. These perks are designed to improve the overall job satisfaction, well-being, and work-life balance of employees, thereby contributing to talent retention and motivation within the workforce.
Understanding fringe benefits is essential for both employers and employees, as they play a pivotal role in attracting and retaining top talent, promoting employee welfare, and fostering a positive work environment.
