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Fringe Benefits not required by law. Apart from the benefits required by law, there are some other additional benefits that the employer offers voluntarily to the employees. These may include free breakfast, gym membership, life insurance, paid leaves, education support, child care, etc. These benefits are not required by law but the employer ...
May 20, 2024 · These benefits may include social security, unemployment insurance, workers' compensation, health insurance, and paid leave. Employers are required to offer such benefits to all employees. Fringe Benefits not required by law Some fringe benefits are not required by law and are provided at the employer's discretion.
Everything you need to know about fringe benefits in HRM. Fringe benefits are supplementary compensation made in addition to wages, the object being to stimulate the interest of the workers and to make the job more attractive and conducive. Fringe benefits include status (cars, entertainment facilities, holidays, foreign travel, telephone); security (insurance, medical facilities, children's education), and work benefits (office accommodation, secretarial services, management training ...
The value of fringe benefits is calculated in accordance with the provisions of section 115WC of the Income-tax Act, 1961, reproduced in the Annexure to this Guidance Note. An employer is required to pay Fringe Benefits Tax even if no income-tax on the total income is payable. The term 'employer' means: a company; a firm;
Jun 13, 2024 · Fringe benefits can be grouped into two main categories: those required by law and those offered at the employer's discretion. 1. Legally Required Fringe Benefits. These mandatory benefits ensure employees have medical care, financial support if they lose their job, and income during retirement. Here are some key mandatory fringe benefits:
Fringe benefits can be categorized into two categories. Some benefits are required by law and others are provided at the employer’s discretion. 1. Fringe benefits required by law. The mandatory fringe benefits are intended to provide employees with medical care, mitigate them from economic hardships in the event they lose employment, and ...
Concept of Fringe Benefit tax: The Fringe Benefit tax is a tax to be paid by an employer in addition to the income tax payable for every assessment year starting from the assessment year 2006-07. The tax is to be paid in respect of the fringe benefits provided or deemed to have been provided by an employer to his employees.
