Bookkeeping – Other Employer Provided Benefits (Lesson 93)
Other employer provided benefits are composed of three groupings of benefits: welfare, other (Life Insurance, Auto & Education) and fringe.
Employer Provided Benefits
Employer provided benefits are indirect forms of compensation paid/provided to employees to retain them as resources for the company. The higher the skill sets and education of the employees, the more likely the employer provides benefits to their employees. Employer provided benefits serve as a retention tool with human resources.