Essay On Retirement Benefits
RETIREMENT BENEFITS
Industrial life generally breaks family system. The saving capacity of the employees is very low due to lower wages, high living cost and increasing aspirations of the employers and his family members. As such employees provide some benefits to the employees, after retirement and during old age, with a view to create feelings of security about the old age. There benefits are called old age and retirement benefits. These include:
1. Provided fund
2. Pension
3. Deposit liked insurance
4. Gratuity and
5. Medical benefit.
1. Provided fund: - This benefit is meant for economic welfare of the employees. The Employees Provided Fund, Family Pension Fund and Deposits Linked Insurance Act, 1952 provides for the institution of
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Gratuity:-This is another type of retirement benefit to be provided to an employee either on retirement or at the time of physical disability and to the dependent of the deceased employee Gratuity is a reward to an employee for his long service with his present employer.
5. Medical Benefit:
Some of the large organization provides medical benefits to their retired employees and their family members. These benefits create feelings of permanent attachment with the organization to the even while they are in service.
NON-MONETASRY BENEFITS:
Managements motivate the employees to work efficiently and contribute their human resource to a maximum extend. Individual enhance their contribution In order to achieve organization goals. Achievements of organizational objectives enhance the management to improve more benefits and rewards to the employees. These in turn help to achievement of individual objectives. In addition to fringe benefits, managements provide different types of non-monetary rewards. These non-monetary rewards include:
• Treats cover free lunches, festivals bashes, coffee breaks, picnics, dinner with the boss, dinner for the family, birthday treats.
• Knick-Knacks accessories, company watches, tie-pines, brooches, diaries / planners, calendars, wallets, and
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