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Briefly summarize employee benefits, benefits planning, legally required benefits, voluntary benefits, retirement benefits, leave benefits and...

Briefly summarize employee benefits, benefits planning, legally required benefits, voluntary benefits, retirement benefits, leave benefits and benefits in a global environment.

Business   Operations-Management   
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Answer #1

To standoff in the market place in offering benefits to the employees and attracting skilled individuals, companies provide various benefits which include -

Legally required benefits

1. Healthcare treatment coverage through insurance while providing inpatient coverage for all the treatments and outpatient coverage to certain treatments

2. Social security benefits

Voluntary benefits

1. Employee loans or salary advances at 0 % interest rate

2. Employee stock options

3. Retention bonuses

4. Consistent performance bonuses

Retirement benefits

1. Pension plans

2. Other retirement benefits like medical coverage post retirement

Leave benefits

1. Sick leaves

2. Paid vacations

5. Gifts for employees in the form of costly gadgets etc.

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