HRS Employee Benefits, Pension and Allowance
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Employee Benefits, Pensions and Allowances Human Resource Management
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A presentation that emphasize on employee benefits that include employee welfare via pension, allowance, etc. HRS: Human Resource System
Transcript of HRS Employee Benefits, Pension and Allowance
Employee Benefits, Pensions and Allowances
Human Resource Management
Employee Benefits
The objectives of the employee benefits policies and practices of an organization are to:
provide an attractive and competitive total salary package which both attracts and retains high-quality employees.
provide for the personal needs of employees.
increase the commitment of employees to the organization.
provide people a tax-efficient job.
Main Types of Employee Benefits
Continued..
Personal security: these are benefits which enhance the individual’s personal and family security with regard to illness, health, accident or life insurance.
Financial assistance: loans, house purchase schemes, relocation assistance and discounts on company goods or services.
Personal needs: holidays and other forms of leave, child care, career breaks, retirement counseling, financial counseling and personal counseling.
Company cars and petrol: still a much appreciated benefit in spite of the fact that cars are now more heavily taxed.
Continued..
Other benefits: to improve the standard of living of employees such as subsidized meals, clothing allowances, refund of mobile cost and credit card facilities.
Intangible benefits: characteristics of the organization which contribute to the quality of working life.
Pensions
The reasons for having a worthwhile pension scheme are that it:
demonstrates that the organization is a good employer.
attracts and retains high-quality people.
indicates that the organization is concerned about the long-term interests of its employees.
Generally the retiring age of most companies is 65.
At this point, employee gets pension which was once contributed by employee and employer both.
AllowanceAllowances are paid as an addition to basic pay.
Location allowances : housing and other cost of living.
Subsistence allowances : accommodation and meals.
Overtime Payments : Extra pay for working extra after working hours or sundays.
Shift Payments : Pay more for late shifts.
Stand by and call out allowances : extra allowance to those who has to come whenever called.
This is the main aim of allowance and employee benefits.
Presentation By-Ayush ParekhRoll Number – 21, SU1Indian Institute of Planning & Management
