Employee benefits are defined as indirect, non-cash, or cash compensation paid to an employee above and beyond regular salary or wages.
Some employee benefits are required by law. For example, employers are required to make payments on employees' behalf for Social Security and Medicare. Employers must also pay for unemployment benefits on employees' behalf.
Other benefits are offered by employers to enhance the compensation provided to employees. Employee benefits such as health insurance, life insurance, paid vacation, and workplace perks are common offerings used to recruit and retain employees.
Here is a list of popular employee benefits in the U.S.:
- Paid time off, such as PTO, sick days, and vacation days
- Health insurance
- Life insurance
- Dental insurance
- Vision insurance
- Retirement benefits or accounts
- Healthcare spending or reimbursement accounts, such as HSAs, FSAs, HRPs, and HRAs
- Long term disability insurance
- Short term disability insurance
- Tuition reimbursement
- Childcare benefits
- Gym memberships or discounts
- Bonuses or incentives
- Wellness programs
- Relocation assistance
- Commuting/travel assistance
- Telecommuting options
- Long term elder care
- Workplace perks such as recreational activities, food and coffee, and flexible work schedules