Voluntary Benefits

What is Voluntary Benefits?

Voluntary Benefits are the benefits paid for by the employees rather than the employers, although the company will pay for the scheme administration. The money is deducted from the employee’s salary for the sake of convenience, but not always. These benefits are often provided by third-party benefits providers.

Voluntary Benefits allow employers to provide a wide range of options to the employees but without incurring the cost associated with the paid-for benefits.

Examples of Voluntary Benefits

• Life Insurance
• Dental
• Vision
• car Insurance
• Long-term care coverage
• Disability Income
• Medical supplement plans
• Homeowners Insurance

Also, See: Voluntary Provident Fund (VPF) | Voluntary Turnover Rate