{"id":25437,"date":"2022-06-13T09:58:11","date_gmt":"2022-06-13T09:58:11","guid":{"rendered":"https://www.5paisa.com/finschool/?post_type=finance-dictionary\u0026#038;p=25437"},"modified":"2024-11-05T16:42:34","modified_gmt":"2024-11-05T11:12:34","slug":"fringe-benefit","status":"publish","type":"finance-dictionary","link":"https://www.5paisa.com/finschool/finance-dictionary/fringe-benefit/","title":{"rendered":"Fringe Benefit"},"content":{"rendered":"\u003cdiv data-elementor-type=\u0022wp-post\u0022 data-elementor-id=\u002225437\u0022 class=\u0022elementor elementor-25437\u0022\u003e\u003csection class=\u0022elementor-section elementor-top-section elementor-element elementor-element-c90f2d1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\u0022 data-id=\u0022c90f2d1\u0022 data-element_type=\u0022section\u0022\u003e\u003cdiv class=\u0022elementor-container elementor-column-gap-default\u0022\u003e\u003cdiv class=\u0022elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c8e6be\u0022 data-id=\u00225c8e6be\u0022 data-element_type=\u0022column\u0022\u003e\u003cdiv class=\u0022elementor-widget-wrap elementor-element-populated\u0022\u003e\u003cdiv class=\u0022elementor-element elementor-element-6fb3de7 elementor-widget elementor-widget-text-editor\u0022 data-id=\u00226fb3de7\u0022 data-element_type=\u0022widget\u0022 data-widget_type=\u0022text-editor.default\u0022\u003e\u003cdiv class=\u0022elementor-widget-container\u0022\u003e\u003cp\u003eFringe Benefits are benefits which are additional to employee’s normal salary. So, any monetary benefit an employer offers in exchange for an employee’s services that does not include their salary is a fringe benefit. Oftentimes, employers will offer benefits based upon industry or the company itself. For example, if you work at a restaurant, you might be offered free meals. If you work at an athletic center, you might be offered free exercise classes.\u003c/p\u003e\u003ch2\u003e\u003cstrong\u003e\u003cu\u003e\u003cb\u003eFringe benefits examples include:\u003c/b\u003e\u003c/u\u003e\u003c/strong\u003e\u003c/h2\u003e\u003cul\u003e\u003cli\u003ePersonal use of company car\u003c/li\u003e\u003cli\u003eHealth insurance\u003c/li\u003e\u003cli\u003eLife insurance coverage\u003c/li\u003e\u003cli\u003eRetirement plans\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cb\u003e \u003cimg fetchpriority=\u0022high\u0022 decoding=\u0022async\u0022 class=\u0022size-medium wp-image-25452 aligncenter\u0022 src=\u0022https://www.5paisa.com/hindi/finschool/wp-content/uploads/2022/06/ab-300x232.jpg\u0022 alt=\u0022\u0022 width=\u0022300\u0022 height=\u0022232\u0022 srcset=\u0022https://www.5paisa.com/hindi/finschool/wp-content/uploads/2022/06/ab-300x232.jpg 300w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/06/ab-150x116.jpg 150w, https:/www.5paisa.com/finschool/wp-content/uploads/2022/06/ab.jpg 413w\u0022 sizes=\u0022(max-width: 300px) 100vw, 300px\u0022 /\u003e\u003c/b\u003e\u003c/strong\u003e\u003c/p\u003e\u003ch2\u003e\u003cstrong\u003e\u003cb\u003eHow Fringe Benefits Work\u003c/b\u003e\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eThe various fringe benefits that are provided to employees vary from one company to another, since the employer can choose the benefits that will be provided to employees during a certain period. Employees are given the chance to select the fringe benefits that they are interested in during recruitment. Whether they are interested in a company car, taking an employer-paid gym membership or education financial assistance, the employee is at liberty to take the options that provide maximum comfort at their current position in the company. With retail employers, employees may also be provided with employee discounts, gifts, and no-additional-cost services.\u003c/p\u003e\u003cp\u003eAlthough the goal of providing fringe benefits to employees is to ensure their comfort at the workplace, it also helps the company stand out for potential employees. In highly competitive markets, employers may find it challenging to retain top employees on salary alone. Fringe benefits serve as additional compensation. Providing unique fringe benefits to employees helps the company stand out from its competitors. It provides a greater opportunity to attract high value and talented employees from schools or from competing companies.\u003c/p\u003e\u003ch2\u003e \u003cstrong\u003e\u003cu\u003e\u003cb\u003eFringe Benefit and Employee Satisfaction\u003c/b\u003e\u003c/u\u003e\u003c/strong\u003e\u003c/h2\u003e\u003cul\u003e\u003cli\u003eFringe Benefit can Reduce Employee Dissatisfaction\u003c/li\u003e\u003cli\u003eTax Benefit\u003c/li\u003e\u003cli\u003eEmployee Engagement\u003c/li\u003e\u003cli\u003eEmployee Wellness\u003c/li\u003e\u003cli\u003eEmployee Morale\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cu\u003e\u003cb\u003e \u003c/b\u003e\u003c/u\u003e\u003c/strong\u003e\u003c/p\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/div\u003e\u003c/section\u003e\u003c/div\u003e","protected":false},"excerpt":{"rendered":"\u003cp\u003eFringe Benefits are benefits which are additional to employee’s normal salary. So, any monetary benefit an employer offers in exchange for an employee’s services that does not include their salary is a fringe benefit. Oftentimes, employers will offer benefits based upon industry or the company itself. For example, if you work at a restaurant, you might … \u003ca title=\u0022Fringe Benefit\u0022 class=\u0022read-more\u0022 href=\u0022https://www.5paisa.com/hindi/finschool/finance-dictionary/fringe-benefit/\u0022 aria-label=\u0022Read more about Fringe Benefit\u0022\u003eRead more\u003c/a\u003e\u003c/p\u003e","protected":false},"author":1,"featured_media":25445,"parent":0,"menu_order":236,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-25437","finance-dictionary","type-finance-dictionary","status-publish","format-standard","has-post-thumbnail","hentry","finance-dictionary-terms-f"],"acf":[],"_links":{"self":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/finance-dictionary/25437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/finance-dictionary"}],"about":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/types/finance-dictionary"}],"author":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/users/1"}],"replies":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/comments?post=25437"}],"version-history":[{"count":18,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/finance-dictionary/25437/revisions"}],"predecessor-version":[{"id":63567,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/finance-dictionary/25437/revisions/63567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/media/25445"}],"wp:attachment":[{"href":"https://www.5paisa.com/finschool/wp-json/wp/v2/media?parent=25437"}],"curies":[{"name":"wp","href":"https://api.w.org/{rel}","templated":true}]}}