Question
In: Finance
Smart Money Decisions at Work. Survey two employed relatives or friends to determine whether or not...
Smart Money Decisions at Work. Survey two employed relatives or friends to determine whether or not they take advantage of certain employee benefits at work, such as a cafeteria plan, health care plan, high-deductible health care plan, health savings account, flexible spending account, life insurance, and tax-sheltered retirement plan. Make a written summary of your findings.
Solutions
Expert Solution
From the survey, I found out that there are multiple benefits that are being provided by the employer to the employees of the organization. These benefits have several advantages associated with it which makes it lucrative. The benefits which are availed are by:
- Corporate Health Insurance
- Provident Funds
- Gratuity
- Food Cards & Coupons
- Salary Savings Account
- Non-Taxable Bonus
- Life Insurances
- Allowances (House rent allowance, Travel allowance, Dearness allowance)
There are several advantages to opting this plans or schemes or benefits. Some are listed below:
- An allowance gives tax relief by reduction of the taxable amount
- Salary saving account doesn't charge maintenance costs
- Salary saving account is free from restrictions on the number of withdrawals
- Corporate Health Insurances are processed quickly and gives a good experience
- Provident Funds & Gratuity have good returns, risk-free, non-taxable interest
- They are also used as retirement plannings or deposits and are very safe
So availing the services and benifits provided by an organisation is definitely smart and will save you a lot. This has several advantage that make it financially lucrative and smart.
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