Fringe benefits

Fringe benefits
features
need
objectives
types
Items under fringe benefits
corporate example: Wipro

1. FRINGE BENEFITS PRESENTED BY: Gomini Gupta (23-MBA-16)

2. FRINGE BENEFITS Fringe benefits refers to the extra benefits provided to employees in addition to the normal compensation paid in the form of wage or salary.

3. MAIN FEATURES supplementary forms paid to all employees indirect compensation help raise the living conditions may be statutory or voluntary

4. Need for Fringe Benefits Employee demands. Trade unions demands. Employer’s preference. As a social security. To improve human relations.

5. Objectives of Fringe Benefits To motivate the employees. To provide security to the employees. To protect the health of the employees. To promote employee’s welfare. To create a sense of belongingness. To meet the requirements of various legislations relating to Fringe Benefits.

6. Types of Fringe Benefits Payment for time not worked. Employee security. Safety & health. Workmen’s compensation. Health benefits. Voluntary arrangements. Welfare & recreational facilities. Old age & retirement benefits.

7. Items covered under fringe benefits As per the Finance Bill, fringe benefits shall be deemed to have been provided if the employer has incurred any expense or made any payment for the purposes of: Entertainment festival celebrations Gifts Use of club facilities

8. Items covered under fringe benefits provision of hospitality of every kind to any person whether by way of food and beverage maintenance of guest house Conference employee welfare use of health club, sports and similar facilities

9. Items covered under fringe benefits sales promotion, including publicity conveyance, tour and travel, including foreign travel expenses consumption of fuel other than industrial fuel use of telephone scholarship to the children of the employees

10. FRINGE BENEFITS OFFERED BY WIPRO Cash compensation Social security & well-being Development & education Employee stock purchase program 5% discount of wipro stocks Leave of absence programs

11. FRINGE BENEFITS OFFERED BY WIPRO Relocation program Railway half-fare season ticket Family service: areas of childcare Homecare & eldercare Bonus for recommending new employees Special conditions for insurance Sickness & accident income plan