Employee benefits are additional perks offered by employers, including holiday pay, personal leave, and health coverage. Some benefits are required by law, while others are optional. Employers often offer benefits to attract and retain qualified employees, with health coverage and vacation time being among the most desirable.
Employee benefits are the extras or perks a person receives from their employer. These benefits are in addition to the basic salary an employee receives for her work. For example, some common benefits include holiday pay and personal leave. Some types of employee benefits are required by law, while others are optional. The list of legally required employee benefits varies from place to place.
In many places, employers are required to provide certain employee benefits. For example, employers in some places are required to pay certain taxes for the benefit of their employees. Employers are often required by law to carry certain types of insurance as well. An employer may be required to have insurance that provides coverage if an employee is injured on the job, for example. Employers are also sometimes required to purchase disability insurance to provide at least some income for employees who become disabled, even if the disability is not the result of an on-the-job injury.
Employers often provide benefits that go beyond those required by law. Employers often do this because good benefits packages help them attract qualified employees. For example, a person may receive similar job offers from two different companies. If the salary is more or less the same, the candidate can choose the company that offers the best performance package. In some cases, benefits are considered so important that a candidate may consider taking a lower-paying job if employee benefits are very attractive.
For many people, health coverage is among the most desirable benefits. There are countless people who have no medical coverage and have to pay out of pocket for doctor and dentist visits. A single hospital stay, even for something relatively minor, has the potential to cost an uninsured person a lot of medical bills. If an individual has a family to care for, the potential costs could be even higher. Thus, companies that offer generous medical coverage benefits may have an easier time attracting and retaining employees.
Another perk requested by employees is vacation time. Many companies offer paid vacation days for employees who have worked for them for a significant amount of time. These days can be used for any purpose the employee sees fit. He can use them to travel around the world or even just lounge around at home in his pyjamas. Some companies offer each employee a set number of days off, while others increase vacation time as employees gain seniority.
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