BU354 Chapter Notes - Chapter 13: Pensions In The United Kingdom, Elderly Care, Enhanced Service
Document Summary
Employee benefits indirect financial payments that an employee receives during their employment with an employer. Benefits generally provided to all of a firm"s employees and includes things like time off with pay, supplementary health and life insurance, and employee assistance plans. Employee services are becoming more sought after in today"s post-job-security era. Benefits, if aligned with business strategy, can help attract and retain the right people to achieve business objectives. Benefits are an important part of most employees" compensation. Factors like the aging population, the looming labour shortage, and advances in healthcare are expected to increase the cost of benefits. Providing and administering benefits is an increasingly expensive task. Certain benefits are mandated by law, and most companies voluntarily provide additional employee benefits i. e. health insurance and retirement benefits. A federal program intended to provide temporary financial assistance to eligible persons who experience interruption to their work through no fault of their own.
