{"id":40804,"date":"2015-08-09T13:27:50","date_gmt":"2015-08-09T07:57:50","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=40804"},"modified":"2024-04-03T13:23:42","modified_gmt":"2024-04-03T07:53:42","slug":"fringe-benefits","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/fringe-benefits\/","title":{"rendered":"Fringe Benefits"},"content":{"rendered":"<p style=\"text-align: center\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/08\/Fringe-Benefits.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-40850\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/08\/Fringe-Benefits-300x168.jpg\" alt=\"Fringe Benefits\" width=\"300\" height=\"168\"><\/a><\/p>\n<p><strong>Fringe benefits or supplementary compensation<\/strong> involve all expenditures by an employer designed to benefit employees over and regular base pay and variable compensation related to output . In simple words it refers to the extra benefits provided to the employees in addition to the normal compensation paid in the form of wage or salary .<\/p>\n<p><strong>The basic purposes of fringe benefits are&nbsp;<\/strong><\/p>\n<ul>\n<li>to attract and maintain efficient human resources within the the organisation; and<\/li>\n<li>to motivate the human resources.<\/li>\n<\/ul>\n<p><strong>Objectives :<\/strong><\/p>\n<ol>\n<li>To create and improve sound industrial relations .<\/li>\n<li>To motivate the employees by identifying and satisfying their unsatisfied needs .<\/li>\n<li>To provide security to the employees against social risks like old age benefits and maternity benefits .<\/li>\n<li>To provide health to the employees and safety against accidents .<\/li>\n<li>To promote employees welfare .<\/li>\n<li>To create a sense of belongingness among employees and to retain them. Hence , fringe benefits are called <strong>golden handcuffs<\/strong>.<\/li>\n<li>To meet the needs the requirements of various legislation relating to such benefits .<\/li>\n<\/ol>\n<p><strong>Fringe benefits may include the following :<\/strong><\/p>\n<ul>\n<li><strong>Payment for time NOT &nbsp;worked<\/strong> . some of the examples in this category are paid rest periods , paid lunch periods , wash up time , clothes change time , get ready time , vacation , holidays , sick leave , personal leave , voting time etc.<\/li>\n<li><strong>Hazard protection.<\/strong> Income maintenance during such periods is the purpose of fringes designed to protect against the hazard illness , injury , debt , unemployment , permanent disability , old age and death.<\/li>\n<li><strong>Employee services .<\/strong> employee services such as housing , food , medical , recreation etc. are provided on continuing basis .<\/li>\n<li><strong>Legal payments .<\/strong> In most countries , the governments have enacted several laws for protecting employees against major hazards of life . payments under this classification may involve unemployment , lay off compensation , employees` insurance , old age benefits under social security etc.<\/li>\n<li><strong>Safety and Health.<\/strong> Under the provisions of the factories act 1948 , rules are laid down improving the working conditions of factory workers so as to ensure their health and safety .<\/li>\n<\/ul>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/Human-Resources\">Click here for government certification in Human Resources<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fringe benefits or supplementary compensation involve all expenditures by an employer designed to benefit employees over and regular base pay and variable compensation related to output . In simple words it refers to the extra benefits provided to the employees in addition to the normal compensation paid in the form of wage or salary &#8230;.<\/p>\n","protected":false},"author":1312,"featured_media":40850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1533],"tags":[5826,2749,5825,2370],"class_list":["post-40804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-2","tag-fringe-benefits","tag-objectives","tag-purposes","tag-types"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fringe Benefits - Vskills Blog<\/title>\n<meta name=\"description\" content=\"What are Fringe Benefits? Apply for a Vskills certification in Finance now. 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