BUSINESS

Employee Benefits



Employee Benefits

Why an employee benefit plan?

Employees account for much of the success of a cultural organization. Their offer a benefit plan is a way to show them that their safety financial well-being and peace of mind are important to us.

Employers offer benefits to their employees:

Comply with provincial regulations and government;

Motivate and support their existing employees, particularly those whose

Performance is excellent and they want to keep;

Better attract new employees;

Retain long-term employees;

Reduce the stress associated with health problems and financial difficulties;

Improve the physical and mental health of their employees.

All these elements are linked to a caring attitude towards employees and the fact of wanting to create a culture that recognizes individuals and facilitates relationships between people.

Of course, they also serve the goals of the organization by improving productivity individual satisfaction with the job and organizational performance in general.

The benefit plans allow employers to reward the culture of and to pay employees in different ways while enjoying the benefits

Tax plan

Precisely because of tax structures, a benefit plan is often benefit local employers. Although the tax treatment varies from province to province the other, for several benefit plans, employees are not subject to tax at the same level as income. Without benefit plan, employees must bear the expenses (medical or otherwise) out of pocket and only part. These expenses are deductible.

Several employees of culture, especially those who have children or want to have, may value benefits because it takes away the anxiety to incur unforeseen expenses for health care or dental expenses. Several cultural managers believe their organization is too small to have a formal system of social benefits. But this is not necessarily the case. Several benefits providers can adapt the plan to the needs of small organizations. These plans can be tailored to the size and budget of small organizations and offer a multitude of options. A benefits provider professional can help you control costs by managing the entire program. Whatever the size of your organization, it is worthwhile to study the possibility of plan in place if you think this can help you keep your best employees.

Overview of the Accounting Standard

Objective & Rationale

The objective of International Accounting Standard IAS 19 is to give guidelines on the disclosure of employee benefits by their employers. Employee benefits are anything that the company gives to its employees in consideration of their service. When an employee of an organization renders services in exchange for a benefit paid in the future, it is a liability for the company. Similarly, it becomes an expense when the benefit is consumed by the employee in exchange for the service he provided. It divides the employee benefits into four categories as follows (Hoeven, R. & Hamersma 2011, p. 5):

Post employment benefits - Any benefit that the employee gets after the completion of his service with the company. This can be a formal arrangement or an informal ...