Advantages Enjoyed by Employees from Benefit Schemes.
Employee benefits can be defined in-kind payments of which are not awarded in the form of money but offered by an employer on top of the wages offered to the employees. The employee enjoys the following benefits offered by their employer.
The first and most common health benefit offered by employees is a health care coverage which caters for an employee’s health that of his close family members including his or her children and the spouse. The benefit covers all the expenses the employee may incur when they get ill. The employer pays the cover as a premium to an insurance company, and a card is given to the employee. The employee can then visit a clinic of their choice as long as they have an identification document showing that they are covered. Optical, dental and ear medical expenses can be part of the medical cover for a limited number of sessions in a year or may not be offered at all. Employees benefit from the health care coverage as they don’t incur the expenses for their medical care which are currently very expensive.
The second benefit enjoyed by employees from their employers is the disability cover. In the event of an accident which causes partial or temporary disability the employer offers a cover to the employee for the lost wages due to the disability they incur. This benefit is only for the employee, unlike the medical benefit which covers the whole family. For permanent injuries to the employee, the employer, provides the benefit until the employer reaches the retirement age while the benefits are only paid to the employee for the period he or she is out from work in the event of temporary disability. This benefit scheme is very advantageous as it allows the employee to lead comfortably in the event being laid off from work and they can effortlessly cater for their basics and also pay for any medical expenses that may arise.
A retirement benefit is the third benefit an employee gets from the employer. The main aim and advantage of the retirement benefit scheme is that it is paid to the employee when they are in their old age and when they don’t have the energy and the perfect health condition to work. Money for this fund is obtained from regular deductions of the employee’s salary which is paid later on when they retires in two phases, a lump sum and equal monthly installments for the remaining amount. This guarantees care for the basic and health care needs of the retired employee.
Life insurance or the pension scheme is also a benefit the employer offers to his or her employee. It is paid to the family members of the employee and it is aimed at securing their financial status in the event of the death of the employee.
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