The perceived value of benefits rises when employers introduce choice through a flexible benefits package.
What is flexible benefits package ?
- Employers who offer choice through a flexible benefits package increase the perceived value of benefits.
- While employees are more concerned with cost when evaluating the competitiveness of benefits, senior management frequently places a greater emphasis on value.
- A benefits package that gives employees the option of a range of benefits, such as cash, life and health insurance, paid time off, retirement plans, and child care.
- A flexible benefits plan, also known as a full flex plan, is a kind of cafeteria plan benefit under Section 125 of the Internal Revenue Code that gives employees the option of receiving their pay as cash or as nontaxable benefits like life and health insurance, retirement plans, and child care.
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