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Fringe benefits are non-wage advantages that an employer gives to employees in addition to their regular pay. Health insurance, retirement programs, paid time off, employee discounts, and other perks are examples of these perks.
Companies may provide fringe benefits as a means of luring and keeping talented workers, enhancing employee satisfaction and productivity, and adhering to legal requirements. While some fringe benefits, like Social Security and workers' compensation insurance, may be mandated by law, others are optional.
Although occasionally employees may be compelled to pay to the expense, fringe benefits are normally covered by the business. Fringe benefit values can be determined either as a fixed monetary amount or as a percentage of an employee's compensation. Additionally, employers may provide a variety of fringe benefits to workers, allowing them to choose the ones that best suit their unique requirements and preferences.
