| • | Employee benefits (also called fringe benefits, perquisites, or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. Where an employee exchanges (cash) wages for some other form of benefit this is generally referred to a a 'salary sacrifice' arrangement.
Fringe benefits can include, but are not limited to: group insurance (health, dental, life etc.), income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid (esp. teaching) and non-paid), social security, and other specialized benefits.
The purpose of the benefits are to increase the economic security of employees.
The term perks is often used colloquially to refer to those benefits of a more discretionary nature.
Common perks are company cars, hotel stays, free refreshments, leisure activities on work time (golf, etc.), stationery, allowances for lunch, etc.
Source: [wikipedia: employee benefits]
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