Non-Pay Financial Benefit
Non-pay financial benefits refer to the benefits that an employer may offer to employees, in addition to their regular salary or wages. These benefits can help to enhance the total compensation package of an employee and can often provide additional financial security and support. Some typical non-pay financial benefits include:
- Retirement plans: Employers may offer various retirement plans, such as 401(k) plans or pensions, to help employees save for their future.
- Flexible spending accounts (FSAs): FSAs allow employees to set aside pre-tax dollars for medical expenses or dependent care expenses.
- Employee assistance programs (EAPs): EAPs provide employees with access to counseling, mental health services, and other support programs.
- Tuition reimbursement: Some employers offer tuition reimbursement to employees who pursue additional education or training.
- Pension schemes: Employers may offer various pension schemes, such as defined benefit or defined contribution plans, to help employees save for retirement.
- Share schemes: Some employers offer share schemes to their employees, giving them the opportunity to purchase company shares at a discounted price.
- Company car: In some cases, employers may offer a company car to employees as part of their compensation package.
- Personal security: This can include a variety of benefits such as travel insurance, identity theft protection, or emergency assistance services.
- Extra-statutory sick pay: This refers to sick pay that is provided by the employer, in addition to any statutory sick pay required by law.
- Death-in-service benefits: These benefits provide a lump sum payment or ongoing income to an employee’s beneficiaries in the event of their death.
- Personal accident cover: This type of insurance provides financial support to employees who are injured or disabled as a result of an accident.
- Medical insurance: Some employers offer medical insurance as a benefit to employees, providing coverage for medical expenses and other healthcare costs.
- Financial assistance: This can include various types of financial assistance, such as loans or advances, that an employer may provide to employees in need of financial support.