Fringe Benefits are non-wage compensations provided to employees, such as health insurance, retirement plans, or company cars, enhancing their overall compensation package.
- What are fringe benefits?
Answer: They are non-wage compensations like health insurance or retirement plans. - What are common examples?
Answer: Examples include paid leave, life insurance, and gym memberships. - Are fringe benefits taxable?
Answer: Some, like health insurance, are tax-free, while others, like bonuses, may be taxable. - What are the benefits for employees?
Answer: They improve financial security and job satisfaction. - How are they managed by HR?
Answer: HR administers benefits, ensures compliance, and educates employees.
