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Salary packaging (also known as salary sacrifice or salary exchange) is the inclusion of employee benefits (also called fringe benefits) in an employee remuneration package in exchange for giving up part of monetary salary. Such arrangements are entered into most commonly if there are tax or other benefits to be derived by the employer or ...
Cost to company (CTC) is a term for the total salary package of an employee, used in countries such as India and South Africa. It indicates the total amount of expenses a company (organisation) spends on an employee during one year. It is calculated by adding salary to the cost of all additional benefits an employee receives during the service ...
Section 23(1) is an unusual provision—only South Africa and Malawi expressly protect the right to fair labour practices — as it is so broad and overarching. An exact definition of fair labour practices is impossible, since this is a dynamic field of the law, rooted in socioeconomic rights.
Benefits – Employee benefits refer to the non-wage advantages offered by employers alongside standard salaries or wages. The benefits included in this total compensation package are designed to attract, retain, and motivate employees, while also improving their well-being and job satisfaction.
In the United Kingdom, employee benefits are categorised by three terms: flexible benefits (flex) and flexible benefits packages, voluntary benefits and core benefits. "Core benefits" is the term given to benefits which all staff enjoy, such as pension, life insurance, income protection, and holiday.
An employee assistance program in the United States generally offers free and confidential assessments, short-term counseling, referrals, and follow-up services for employees. EAP counselors may also work in a consultative role with managers and supervisors to address employee and organizational challenges and needs.
Companies most commonly subsidize workplace wellness programs in the hope they will reduce costs on employee health benefits like health insurance in the long run. [2] Existing research has failed to establish a clinically significant difference in health outcomes, proof of a return on investment, or demonstration of causal effects of ...
The contract is between an "employee" and an "employer". It has arisen out of the old master-servant law, used before the 20th century. Employment contracts relies on the concept of authority, in which the employee agrees to accept the authority of the employer and in exchange, the employer agrees to pay the employee a stated wage (Simon, 1951).