TPLF today statement

•        Fringe benefits raise the living standard of the employees.

•        Fringe benefits refer to items for which a direct monetary value to the employee can be ascertained eg. Provident funds, pension, etc. On the other hand, service refers to the items like medical facilities, recreation, etc.

•        These benefits may be statutory or voluntary.

2.1.4TYPES OF FRINGE BENEFITS

Organizations provide a variety of fringe benefits. The fringe benefits are classified under four heads as given here under:(www.ijarmate.com)

1. For Employment Security:  Benefits under this head include unemployment, insurance, technological adjustment pay, leave travel pay, overtime pay, level for negotiation, leave for maternity, leave for grievances, holidays, cost of living bonus, call-back pay, lay-off, retiring rooms, jobs to the sons/daughters of the employees and the like. 

2. For Health Protection: Benefits under this head include accident insurance, disability insurance, health insurance, hospitalization, life insurance, medical care, sick benefits, sick leave, etc. 

3. For Old Age and Retirement: Benefits under this category include: deferred income plans, pension, gratuity, provident fund, old age assistance, old age counseling,and medical benefits for retired employees, traveling concession to retired employees, jobs to sons/daughters of the deceased employee and the like. 

4. For Personnel Identification, Participation and Stimulation: This category covers the following benefits: anniversary awards, attendance bonus, canteen, cooperative credit societies, educational facilities, beauty parlor services, housing, income tax aid, counseling, quality bonus, recreational programs, stress counseling, safety measures etc.

2.2 JOB AND BENEFIT SATISFACTION

 As a manager in the modern organization, one must be fully aware of the diverse cultures in the organization as well as the human resources practices needed to establish the best workable solutions for an optimal reward strategy. If one has all these aspects successfully implemented in the organization, it would ultimately lead to better individual and organizational performance (Jensen & McMullen 2007:38).