Employee benefits are a catch-all term for anything that an employer provides to an employee as part of their remuneration package or benefits in kind.
Many components can be included in the overall rewards, such as commission compensation, well-being, medical benefits, personal development, recognition, rewards programs, and wellness programs, to name a few.
Such benefits are used to attract and retain top talent and may include dependents benefits to entice potential candidates to join the company.
We will examine the medical benefit because it is one of the primary concerns for employees when weighing the company's offer.
Medical benefits are divided into five categories: Group Hospitalisation, Group outpatient for GP and Specialist, Group Term Life, and Group Accident and Dismemberment. In most cases, employees' dependents receive only medical benefits.
Many employees are unaware of the benefits to which they are entitled until they file a claim. Employers can offer competitive compensation and benefits packages should make this information available to current and prospective employees because it is a non-mandatory requirement and a perk on top of the employee's salary package.
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