Fringe Benefits (Grade 12 NSC Matric Business Studies): Flashcards
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Fringe benefits definition
Fringe benefits definition
Additional rewards on top of regular salaries
Medical Aid Fund purpose
Medical Aid Fund purpose
Helps cover medical expenses
Pension Fund purpose
Pension Fund purpose
Provides income after retirement
Provident Fund payout
Provident Fund payout
Lump sum when leaving or retiring
Bonus shares
Bonus shares
Giving employees shares in the company
Fringe benefit: higher retention advantage
Fringe benefit: higher retention advantage
Workers less likely to leave with good benefits
Fringe benefit: attracting talent advantage
Fringe benefit: attracting talent advantage
Skilled workers drawn to companies with good benefit packages
Fringe benefit: cost disadvantage
Fringe benefit: cost disadvantage
Extra expense that can strain cash flow
UIF legal requirement
UIF legal requirement
Compulsory by law in SA for all businesses
UIF contribution rates
UIF contribution rates
Employee 1% + Employer 1% = 2% of basic salary