Most individuals are focus on salary offer. But there are some non-salary benefits that you enjoy when you are employee. It makes lot of sense to take these benefits also while choosing your next employer. Thus look at all employer provide benefits. And it advises to check benefits and limits. You can check most important benefits to employees. Also, see Top 10 employee benefits. For further details see company benefits list.
Types of Employer Provided Benefits
These types of employee benefits are offer by employer are cover under labour agreement. So they will vary from company to company. There are other types of employee benefits that employers are not required to offer. But choose to provide to their employees.
Most companies offer insurance cover to employees. Insurance cover both death and hospitalization. Life insurance cover fixed amount and limit at three times annual cost to company. If you are working at CTS of Rs 5 lakh per year you will enjoy life cover of Rs 15 lakh. See How to manage your finances
On other hand health cover is in range of Rs 1 lakh to 3 lakh in most cases. In metro cities some companies offer high cover to employees. Also companies offer personal accident insurance cover. Which pays fixed sum in case of accident death and dismemberment?
But future employer is not offer these benefits then you have to buy it on your own. This may cost you good amount of money. Due to poor health you may not get these cover on individual insurance platform. You must know sub-limits and exclusions in group insurance provide by employer.
Many times cover offer is insufficient. For example, thumb rule estimate pertain to life insurance ask an individual. To buy life insurance cover equal to 10 times of annual income. It clear that employer provide life insurance is not enough in case of young employees.
Hence, you will not be content with employer provide life insurance. It is better to assess life insurance using life insurance calculator.
Banks and NBFCs loans
If you are working with blue-chip Company, banks are offer you loan. Banks and NBFC view large companies employees prospects as compare to SMEs employee. Also loan interest rate offer attractive if compare with rate offered to employee. This is true if you are looking for personal loan. Depend on where you work rate can differ 5-6 per cent points.
Facilities of Residential
In prime locations company offer their employees residential facilities. Some old companies and public sector units have employee quarters in various cities. Also employers arrange for healthcare and education facilities within residential premises of employees. That makes these offers attractive.
You can assess such options by taking into account otherwise you need to pay rent. It is difficult to quantify peace of mind due to superior infrastructure. Employee can stay in such facilities as long as in the employment of company. If you decide to resign or retire you need to vacate house. There is also risk that apartments may not maintain well.
Employers offered loans
Some employers offer personal and home loans to employees at subsidized interest rates. Those make good saving for employee. But if you decide to resign you have to pay off entire loan to employer. When you take loan from employer you need to disclose of purpose to your employer.
To avoid payment of excessive tax. For example, loans taken for disease treatment you need not pay any tax. There is no tax if total loan amount availed does not exceed Rs 20,000. Also in other cases where loan amount exceed Rs 20000 it interest free or concessional rate. Thus it is in your hands to save on interest are taxable.
Professional education or Sponsor training
Experts say survival in corporate world depends on ability of employee to learn. But employers also seek high productivity from employees. And want to invest in employees. Many employers arrange in-house training sessions for their employees. You can see why insurance is important?
Some employers also encourage employees to take professional course. Sometimes employers ask employees to sigh bonds in case of large funds in training. You must study bond before entering into such an arrangement. And these benefits may not appear in employers offer in CTC details. Thus it can make big difference for employees.
Finally, you can check benefits of working job. So you see health benefits of working. And check company benefits package. Also see basics of Employee benefits. Thus check benefits of offering health insurance to your employees.