Employee benefits typically refers to retirement plans, health insurance, life insurance, accident and disability insurance as far as contribution for the insurance is concerned.
There are several benefits that offer employees the company ranging from vacations, cars, stock options, support for education loans, and so on. However, while such Perquisites are governed by human resource management in small and medium sized companies quite simply, one of the key challenges in providing employee benefits insurance coverage for employee groups that are small in size. The reason for this is usually as a result of the kinds of products that are offered for groups by employer insurance companies in India and many more worldwide.
Until such time as a strong on-line solution is introduced, a small group employer will always find it challenging to provide competitive benefits for their employees. While the cost of the company will remain a negligible component of total cost, value can be taken in case of trouble will go a long way in creating a positive image of the company and its promoters and ensuring the welfare of their employees.
group of the most popular schemes in the market are the following:
group health insurance - covers employees for a fixed amount against the cost of hospitalization and can be extended to cover the spouse, children and dependent parents)
group term insurance - covers employees provide a death benefit of employees relatives of candidates for a fixed amount that may be based on wages, graded plate or flat sum by the employee.
Group personal accident insurance - similar to the Group Term, this plan covers employees and provide a death benefit, but just in case accidental death. The plan also provides group accident disability as a result of an accident.
Group Travel Insurance - As many employers in India, especially in the IT sector are frequent travelers on international client locations, as plan makes it easy for HR to cover their employees with international health insurance and makes it very profitable.
group gratuity - How is this fixed amount factored by employers and by law, gratuity scheme also provides cover for death related to the amount of money due. In the event that an employee dying, families are due to be paid the gratuity, even if under 5 years and it can become a serious burden for employers. Therefore, it is desirable to manage money, and life insurance protection.
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