Cnr New & 6th Rd

Intnl Bus gateway Precision Hse

Cnr New & 6th Rd

Midrand

2198

Gauteng

South Africa

-26.177978

28.0487704

145 Western Service Rd

Woodlands Office Park

Western Service Rd

Sandton

2080

Gauteng

South Africa

-26.05774

28.0896

54 West St

West St

Midrand

1685

Gauteng

South Africa

-26.01992

28.14568

Employee benefit fund

An employee benefit fund can be defined as money that employers put aside to fund employees non-monetary benefits which are granted to employees of a company as part of their overall remuneration package. An employee benefit fund is one of the criteria that attract employees to take a job offer. Employers don’t only use an employee benefit fund to retain employees, they also use it to improve their employees’ wellbeing.

The number of companies that offer employee benefit funds to their workers has increased quite a lot over the past two decades. The market environment has become very congested therefore firms try their best to retain qualified and skilled employees, but for them to do so they have to offer attractive benefits that are not being offered by other firms. Firms that offer attractive employee benefit funds to their employees are most likely to have less labour turnover. There are several non-monetary benefits that are offered by proficient firms the most common ones are medical aid, car allowances and pension funds.

The demand for skilled labour is higher than the supply therefore companies do everything in their power to ensure that they are in possession of skilled labour even if it means offering higher remuneration and employee benefit funds. Employee benefit funds such as a pension fund is highly encouraged by the government because it reduces the burden that the government has to endure trying to finance grants for people going through old age.

 

Employee benefit fund

An employee benefit fund can be defined as money that employers put aside to fund employees non-monetary benefits which are granted to employees of a company as part of their overall remuneration package. An employee benefit fund is one of the criteria that attract employees to take a job offer. Employers don’t only use an employee benefit fund to retain employees, they also use it to improve their employees’ wellbeing.

The number of companies that offer employee benefit funds to their workers has increased quite a lot over the past two decades. The market environment has become very congested therefore firms try their best to retain qualified and skilled employees, but for them to do so they have to offer attractive benefits that are not being offered by other firms. Firms that offer attractive employee benefit funds to their employees are most likely to have less labour turnover. There are several non-monetary benefits that are offered by proficient firms the most common ones are medical aid, car allowances and pension funds.

The demand for skilled labour is higher than the supply therefore companies do everything in their power to ensure that they are in possession of skilled labour even if it means offering higher remuneration and employee benefit funds. Employee benefit funds such as a pension fund is highly encouraged by the government because it reduces the burden that the government has to endure trying to finance grants for people going through old age.

 

...Read More