Employee and executive compensation and benefits is one of the most important elements of being an employer and is an area that our clients often need the most guidance on. After all, issues of benefits and compensation include salary, minimum wage, holiday pay, income tax, social security, benefits in kind, stock options and payments due upon termination. With so many factors to manage, our clients partner with Ius Laboris lawyers to ensure agreement and anticipate problems before they happen. We know that competitive compensation and benefits arrangements are fundamental to attracting top-tier talent and offer real-world solutions to enhance your workforce.
70% of employees in Belgium have a supplementary pension scheme. About four million employees have group insurance through their employer. We will assist you in drafting, analysing and/or managing your Employee Benefits package. Employee Benefits as a non-statutory benefitAs a broker, consultant and administrator, we will advise and assist you in drafting, analysing and/or managing your Employee Benefits package.
We have been helping companies for years with their group insurance (such as pensions, death, bonus schemes, bridging pension schemes, etc.), hospitalisation and incapacity for work insurance (guaranteed income), pension funds and affinity programmes.
Employee benefits and (especially in British English) benefits in kind (also called fringe benefits, perquisites, or perks) include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. In instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a ‘salary packaging’ or ‘salary exchange’ arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing (employer-provided or employer-paid) furnished or not, with or without free utilities; group insurance (health, dental, life etc.); disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation (paid and non-paid); social security; profit sharing; employer student loan contributions; conveyancing; domestic help (servants); and other specialized benefits.
The purpose of employee benefits is to increase the economic security of staff members, and in doing so, improve worker retention across the organization. As such, it is one component of reward management.
Colloquially, “perks” are those benefits of a more discretionary nature. Often, perks are given to employees who are doing notably well or have seniority. Common perks are take-home vehicles, hotel stays, free refreshments, leisure activities on work time (golf, etc.), stationery, allowances for lunch, and—when multiple choices exist—first choice of such things as job assignments and vacation scheduling. They may also be given first chance at job promotions when vacancies exist.
The Basics of Employee Benefits – Entrepreneur.com
Once you have great employees on board, how do you keep them from jumping ship? One way is by offering a good benefits package.
Many small-business owners mistakenly believe they cannot afford to offer benefits. But while going without benefits may boost your bottom line in the short run, than penny-wise philosophy could strangle your business’s chances for long-term prosperity. “There are certain benefits good employees feel they must have,” says Ray Silverstein, founder of PRO, President’s Resource Organization, a small-business advisory network.
Heading the list of must-have benefits is medical insurance, but many job applicants also demand a retirement plan, disability insurance and more. Tell these applicants no benefits are offered, and often top-flight candidates will head for the door.
Employee Benefits – JLT Group
Our Employee Benefits business offers a comprehensive range of employee benefits advice and services to companies, pension trustees and individuals.Our specialist teams act as advisors, intermediaries and service providers in the areas of pensions consultancy and administration, employee benefits and healthcare, life insurance and wealth management.
Employee Benefits | KPMG | BE
Today’s talent market is highly competitive. Attracting and keeping top talent is becoming more and more difficult. It is well known that the challenge of searching for skilled people means that many companies leverage fringe benefits as an incentive.
However, providing these benefits can be challenging for HR and Finance professionals. Given the technical complexity and evolving nature of pension and hospitalization matters, employers are required to regularly monitor the related risks to be sure they find the best options.
Our KPMG pension team can help you find a plan that conforms to your human resources and financial strategy and be there to support and advise you along the way, as you navigate the world of employee benefits.