Employee Benefits & Services

Employees Benefits & Services refer to compensation provided in whole or in part to workers, by their employers, to supplement their wages or salaries, but are not required by law. Employee benefits programs continue to grow and expand, although there are considerable variations in the benefits that are offered by the organizations. Benefits mainly have been directed at assisting employees in maintaining a particular lifestyle and providing for long-term welfare and security. The rise of flexible benefit plans suggests the importance of considering individual preferences, the increasing diversity of the workforce, and lifestyle realities when structuring an employee benefits program. Benefit is indirect financial and non-financial payments employees receive in addition to their regular wages or salary for continuing their employment with company. In Bangladesh, employees get different banking companies such as government bank, non-government bank and multinational banking companies. In this paper I tried to emphasize on different benefits employee gets from different banking companies.

Introductory Aspects

❖ Background of the Study

Employees Benefits & Services refer to compensation provided in whole or in part to workers, by their employers, to supplement their wages or salaries, but are not required by law. Some of these benefits include the following: life insurance; health insurance; short-term and long-term disability insurance; sick leave; paid vacation; pensions; tuition reimbursement; relocation expenses; housing; profit sharing; child care benefits; and other miscellaneous perks. Different benefits are treated differently for federal tax purposes. Some are included in an employee’s gross wages, while others are excluded. Some are even utilized as tax shelters.

Some employee benefits are offered only in part by the employer with the condition that the employee contribute to part of the cost as well, but...