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Freisleven Corporation has undertaken a cost study of its operations. One area of concern to the...

  • Freisleven Corporation has undertaken a cost study of its operations. One area of concern to the company is the total cost of labor, particularity the cost of employee benefits. Prepare and defend a list of the different kinds of costs that a company might incur as part of its “total package” salary cost.

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Expert Solution

Employees are very essential part of an organization as they helps in achieving business objectives with their required contribution. Therefore they should be regularly awarded with required employee benefits so that they remain motivated.

The total package salary cost includes amount earned by an employee in the form of wages, salary, commissions, bonus, other monetary and non monetary fringe benefits such as medical insurance, retirement benefits, refreshment, other perks and benefits etc. The component of the salary package differs based on different organization, business and type of employees.

The list of the different kinds of costs that a company might incur as part of its “total package” salary cost is shown as follows:-

  • Overtime Pay
  • Medical Insurance
  • Other Health Benefits
  • Leave Encashment
  • Pension Plans
  • Post Retirement Plans and Benefits
  • Dependent Care
  • Commuting Reimbursement
  • Travel Expense Reimbursement
  • Free Lunch and Refreshments.

All the above mentioned components can be included in salary package cost of an employee (it is an inclusive list).

ekkarill92 answered 1 year ago
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