What is Employee Benefits?
‘Employee Benefits’ or ‘Benefits’ refer to the additional benefits an employee receives on top of the salary. These benefits might be either required by law or provided by the employer voluntarily to appease the employees.
While benefits make a job more attractive to a candidate, it also motivates existing employees to be more productive. The overall benefits would be based on multiple factors like tenure and seniority of the employee, etc.
Similarly, the employee benefits vary a lot from one ranging from stipulated benefits like medical insurance, pension fund contribution, and dental and vision-related benefits to lavish benefits like paid vacations, free childcare, gym memberships, etc.