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Meaning & Definition

Employee Benefits

Employee benefits, also known as perks or fringe benefits, are provided to employees over and above salaries and wages. These employee benefit packages may include overtime, medical insurance, vacation, profit sharing and retirement benefits, to name just a few. The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization. As such, it is one component of reward management.

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