Posted on November 16, 2019
Paid by the company to spend on other benefits that are not fixed or to improve / increase the fixed benefits. Voluntary benefits
Those that the employee pays with his salary, be it of the gross salary or of the net salary.The tendency of large companies is to offer a package of Fixed Benefits (which the employee can not change), and a flexible package of benefits that the employee will adapt according to their needs. These flexible benefits may also be, as we have already mentioned, purchased directly by the employee.The “fixed” package will be composed of those benefits that the company believes are important for its employees and that can not give rise to change for other benefits. The clearest example could be life insurance. The company offers it to the employee without the possibility of change to avoid that in the event of a tragic event, such as a total disability, the employee still has his compensation.The flexible package would consist of a “flexible bag” that the company gives to the employee so that he / she decides in what to spend it. The company makes several policies available to the employee and he decides to invest that bag based on his personal or professional moment.Finally, there is the possibility that the employee voluntarily buys more benefits. This purchase can be for an economic advantage (which can give us for example collective insurance), for a tax advantage (which have certain products included in the IRPF law) or ease of purchase (it is understood that the company will offer products with a proven quality / price ratio).Let’s look at some social policies included in companies in our country. mynordstrom
The objective of this policy is to take care of the health of our professionals. A healthy employee will be an employee who performs better and who has less medical losses at the same time. Therefore, it is clear the return on investment that a policy of this type can give us beyond a fiscal saving or a non-contribution to social security.Within the policies of wellness we can find different benefits or services. We detail the most common.
It is the star product of social benefits. Through this product the employee will have great benefits such as:
You do not have to wait for waiting lists.
You can have a second opinion.
You can adapt your schedules to your personal and professional life.
You can perform a health prevention function.
Medical insurance may have more or less coverage and in other countries it is quite common for the company to offer a basic package and for the employee to “pay” for other services that are more suited to their needs.
These benefits can be the possibility of acquiring a reimbursement product, dental, psychology, smoking cessation programs, programs to reduce cholesterol, physiotherapist, personal welfare programs …
The objective of this policy is to offer the employee the possibility of reconciling his personal life and his professional life. This will give us more motivated and committed employees with the company and at the same time more profitable employees.Among the benefits offered in this category would be: schedule flexibility; purchase of extra days of vacation; helps daycare; life facilitators.
The objective of this policy is closely related to conciliation. We will offer these products to facilitate the approach of the employee to his office: car renting / Renting motorcycle; plus transportation; transportation checks; company mobile.
Products aimed at covering the social welfare of the employee: Life and accident insurance (assistance to the family in case of death and help to the employee in case of total disability); savings and retirement plans.
Products that adapt to the professional growth of the employee: general training; language training; specific training of the position; I use new technologies.
Products aimed at helping employees on issues related to dependence: home assistance; telecare; convalescence service.
In summary, we can say that companies are moving towards a total compensation policy that includes different remuneration concepts. These concepts are increasingly flexible to adapt to the needs of each employee.
Retirement & Financial Benefits
Defined Contribution Pension Plan
Health & Insurance Benefits
Temporary Disability Insurance
Long-term Disability Insurance
Accidental Death & Dismemberment Insurance
Nordstrom, Inc. workers are given several pension and welfare benefits. Like Nordstrom, Inc. workers, a large number of American employees take advantage of employer-provided health insurance, through which a sizable proportion of each employee’s health insurance premium is covered by their employer. These contributions are tax deductible for employers and tax-free for employees. Nordstrom, Inc. provides health, dental, and vision plans. Nordstrom, Inc. also provides group life insurance, short-term disability insurance for accidents or illness, long-term disability insurance, and death benefits, which cover certain causes of death. To help ensure a reliable source of cash later in life, a large number of workers participate in employer-financed retirement plans. Nordstrom, Inc. offers defined contribution pension plans. With a defined contribution retirement plan, businesses help employees save and invest for retirement.
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