Benefits to Employees
The terms 'fringe benefits' & perks (perquisites) are sometimes utilized derogatively, but should be reserved for those worker benefits which are not basically catering for personal security and personal requirements. Benefits should be looked at as part of the total compensation scheme of the organisation. Employer provides a vast array of services that increased the lifestyle of employees. In some particular cases, these services grant workers time off with pay. The ever-increasing diversity & population of worker benefits have given increase to a significant number of benefits that may be grouped under a category called upon nonstatutory benefits. Amenities that is essential to be provided to the employees under different labour legislations. The significant legislations which call upon for these welfare provisions include the Plantation Labour Act, 1951, The Factories Act, 1948, Motor Transport Workers Act, 1961, Mines Act, 1952, and the Contract Labour (Regulation and Abolition) Act, 1970. Group life insurance plan provides insurance cover to various employees working under one employer, so long as they remain in service of that employer. Generally Industrial life breaks joint family system. The saving capability of the workers is very low due to lower wages, high living expense and enhancing aspirations of the employees and his family members. As such, employer provides some reimbursement to the employees, after retirement & during old age, having a view to create a feeling of security regarding the old age. These benefits are called upon old age & retirement benefits. These benefits include following (a) deposit linked insurance, (b) pension, (c) provident fund, (d) gratuity and (e) medical benefit.