What are fringe benefits?

October 14, 2022

The name might suggest they are something fancy or special, but that's not the case. See below to learn what are fringe benefits.

Fringe benefits are regular employee benefits. Yes, you read that right. So basically fringe benefits are anything an employee gets on top of financial compensation.

The covid-19 pandemic has changed the world for good, and it has made a significant impact on what employees are looking for. This means that companies need to be aware of changes and offer an attractive mix of tried and tested, traditional benefits, with new ones: ones that would most definitely have not been a part of benefits packages some years ago.

A couple of new ones that people have frequently been looking for are any and all related to mental health and well-being. If before the pandemic the trend of self-care was already booming, 2022 certainly puts a major focus on it: people know they need to be happy and healthy, and many are now reconsidering their relationship to work.

Examples of Fringe Benefits

Healthcare is the prime example of a fringe benefit. It's considered a necessity by employees, so many don't even count that when choosing a position over the other. Good examples of fringe benefits to consider are below:

  • Meals
  • Transportation / commuting
  • Retirement planning
  • Cellphones
  • Educational assistance
  • Employee stock options
  • Employee discounts
  • Achievement Awards
  • Counseling
  • Therapy
  • Home cleanings

Home cleaning as a fringe benefit

If people spend hours every week having to cater to their space, why not remove that burden? Especially in a context where those hours are pilling up and could be spent performing activities to improve mental health and productivity levels.

For remote workers, house cleaning is a pre-tax benefit. That means it can be classified as janitorial expenses, which are 100% deductible to the company. Plus, those are tax-free for the employees, as well.

For in-office workers, home cleanings can be offered as a fringe benefit, susceptible to tax on the employee side. Either or, TIDY can help you in setting up a process that works best for your company and team.

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