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Katrin Fridriks

fringe benefits in hrm

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fringe benefits in hrm

Objectives and Special Characteristics 5. Before uploading and sharing your knowledge on this site, please read the following pages: 1. A brief mention of these will be appropriate for discerning their importance. 2. Content Filtration 6. We quote here Fisher and Chapman according to whom the classification of fringe benefits are – (a) premiums for time worked, (b) pay for time not worked (c) employee benefits, and (d) employee activities. Thus, fringe benefits improve human relations. This allows parents to concentrate on their work, knowing their children are close by, and being cared for. Some of the items are covered by statutory provisions while many others are provided voluntarily. insurance, life insurance, tuition assistance, childcare reimbursement, cafeteria subsidies, company-owned vehicle. Prohibited Content 3. In other words, fringe benefits satisfy three goals, viz. This preview shows page 1 - 3 out of 5 pages. Michael accepts the promotion, and begins arranging for the move. In spite of such high percentage, the provision of fringe benefits in India cannot be said to be adequate and satisfactory. To create better image of the organization so as to attract and retain competent employees. Employer has to provide various benefits like safety measures, compensation in case of involvement of workers in accidents, medical facilities etc., with a view to provide security to his employees against various contingencies. Rest Period – Tea break or coffee break are allowed during the day to allow the worker to rest. Tax exemptions become more important and meaningful for them as they advance in the management hierarchy. Microsoft, gives 20 weeks of paid time off to new birth mothers and 12 weeks for, We spend almost 60% of our waking hours at work, meaning our workplaces have a huge, impact on shaping employee lifestyle, eating habits, and overall health. 8. Maternity Benefit – The Women are entitled to maternity leave for 12 weeks (six weeks before the delivery and six weeks after the delivery) in addition to cash benefit of 75 paise per day or twice of sickness benefit, whichever is higher. c. They help raise the living conditions of employees. free medical facilities, free education to the workers chil­dren, recreation, low cost meals, low rent housing etc. Michael’s hard work is recognized when he is offered a promotion to the position of national sales manager, though accepting the position would mean a 2,000 mile transfer to the corporate office. However, the term “fringe benefits” in the sense of all non-monetary benefits and services came to be widely used in spite of its limited value in describing the actual practices. Subscribe to our e-mail newsletter to receive updates. Therefore, the question arises- what is the rationale behind providing benefits and services? The non-seasonal industrial establishments employing 50 or more workers have to give one month’s notice or one month’s wages to all the workers who are retrenched after one year’s continuous service. Even sixty years back when this subject was being taught us, these rates in fraction of a rupee were unrealistic. The ILO has described fringe benefits as follows: “Wages are often augmented by special cash benefits, by the provisions of medical and other services or payments in kind that form part of the wage for expenditure on the goods and services. These are one of the means to ensure welfare of employees and to develop a sense of belongingness among employees towards organisation. Managers, too, take little interest in the benefits programme and trade unions are almost hostile to the schemes. To protect the workers from certain unhappy and unpleasant events of life, which the workers individually cannot bear. 5. Meaning of Fringe Benefits 3. Michael has worked for Star Mortgage Company for many years, working his way up through the corporate structure. Companies competing for the most in-demand skills tend to offer the most, lavish benefits. Thus, “fringe/employee benefits” may be defined as all non-monetary benefits, services or facilities and some fringe monetary benefits made available to employees in addition to their usual and established monetary compensation such as regular wages, salaries, cash allowances, incentive payments and bonuses. (v) Employees feel that managements concentrate on the non-cost programmes, and. The fringe benefits act as a social lever in helping conservation of this precious resource, by guarding against its unnatural erosion and providing the climate for its development in a working environment. Meaning of Fringe Benefits 3. Thirdly, fringe benefit represents a labour cost for the employer, for it is an expenditure which he incurs on supplementing the average money rates due to his employees who have been engaged on the basis of time schedules. View HRM FRINGE BENEFITS.docx from SUPPLY CHA MSC621 at Chinhoyi University of Technology. The contribution of these three parties varies in accordance with the nature and purpose of the various employee benefits- and-services programmes. 10,000. Originally the term ‘layoff’ referred exclusively to a temporary interruption in work, as when factory work cyclically falls off. Definition 4. Just inquire with people in higher ranks in an industry. In addition, workers commonly receive such benefits as holidays with pay, low-cost meals, low-rent housing, etc. 4. In each of these three sectors, however, variations were considerable. To create a sense of belongingness among the employees and strengthen their loyalty to the organisation. (ii) These rewards may result in short-sighted and hasty decision-making. The board adopted this policy on the premise that these benefits were at the fringe of usual wages and salaries, and could not immediately affect the purchasing power of the employees and were not related to consumer demands. Fringe benefits, on the other hand, are those payments or benefits which a worker enjoys in addition to the wages or salary he receives. Scenario in India. Travel Concessions – Many organizations are providing leave and travel concessions one time in a financial year to their employees. Amount of compensation depends on the nature of injury and monthly wages of the employee.

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