Illustrate kinds of Fringe Benefits

Question

Illustrate kinds of Fringe Benefits?

Answer 1

The various organizations in India offers fringe benefits that may be categorized as follows:

1) Old Age and Retirement Benefits: These include provident fund schemes, pension schemes, gratuity and medical benefits which are provided to employee after their retirement and during old age as a sense of security about their old age.

2) Workman’s Compensation: The profits are delivered to worker if they are got unnoticed or expire beneath the working conditions and the sole responsibility is of the employer.

3) Employee Security: Regular wage and salary is given to employee that gives a feeling of security. Other than this compensation is also given if there is lay-off or retrenchment in an organization.

4) Payment for Time Not Worked: Under this category of benefits, a worker is provided payment for the work that has been performed by him during holidays and also for the work done during odd shifts.

5) Safety and Health – Under this benefit worker are provided conditions and requirements regarding working condition with a view to provide safe working environment.

6) Health Benefits – Employees are also provided medical services like hospital facility, clinical facility by the organization.