supplementary benefits
TRANSCRIPT
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SUPPLEMENTARY BENEFITS
NEHA PAUL (500021385)
YOGIATA SHARMA (500020829)
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Employee Benefits & Services
O Meaning and Definition
O Why Benefits and Services?
O Types of Employee Benefits and Services
O Principles of Fringes
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INTRODUCTION
O Would the three salespersons and the receptionist work for free? No.
O You always have to give things to people in return to what you take from them
O Compensation refers to this exchange.
O It is a means to attract, motivate and maintain employee
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COMPENSATION
IndirectDirect
Benefits & Services
IncentivesBasic Pay
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Why Benefits and Services?
O To persuade and motivate employee.
O Not linked with the employee performance
O Includes any benefits employee receive apart from the total direct benefits
O Helps increase the wealth and well-being of the employee at the cost of an employer
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BENEFITS
O Indirect Compensation or benefits received from employment that is in addition to the regular, ordinary salary or wages.
Supplemental Pay
Time-Off Benefits
Insurance Benefits
Retirement Benefits
Types of Employee Benefits
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Vacations and Holidays
Parental Leave
Supplemental Unemployment
Benefits
Supplemental Pay
Benefits
Unemployment Insurance
Sick Leave
Severance Pay
Supplemental Benefits
Pay For Time Not Worked
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Insurance Benefits
Insurance Benefits
Health-Related Insurance
• Medical Insurance
• Managed Care
• Vision Insurance
• Dental Insurance
• Mental Health Insurance
Disability Insurance
Short Term Disability
Long Term Disability
Life Insurance
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Retirement Benefits
Retirement plans to reward long service
employees
Contributory Plan:
Both employer and employee contribute
Non-Contributory Plan:
Employer pays the entire amount.
Also includes
Early Retirement
Retirement Counseling
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Time- Off BenefitsRest from physical and mental efforts
of a jobSick days and
Well days
Leaves of Absence
Time-Off Breaks
On the Job breaks
Tea break, Meal break etc.
Holidays and Vacations
Family and Medical leave Act 1993
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SERVICES
O An intangible commodity that the employees find desirable
O Usually provided by the organization at no cost to employee or at a significant reduction from what might have to be paid without the organization’s support.
O This might include eating facilities, transportation facilities, child care facilities, housing services , educational services, financial services (discount ) etc.
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BENEFIT v/s SERVICEApplies to those items for which a direct monetary value to the individual employee can be ascertained
Applies to items for which a direct money value for the individual employee cannot be readily established
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Benefits and Services
Treats
• Picnics• Birthday
treats• Festival
bashes• Dinner for
the family• Coffee breaks• Dinner boss• Free lunches
Awards
• Certificates• Citations• Plaques• Trophies• Scrolls• Letters of
appreciation
Knick-knacks
• Diaries/Planners• Calendars• Wallets• T-shirts• Company watches• Bags• Desk accessories• Tie-pins/Brooches
Tokens
• Early time-offs• Movie tickets• Coupons
redeemable at stores
• Vacation trips• Anniversary and
birthday allowances/presents
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THANK YOU!Any queries?????