Voluntary Benefits

Low-cost and No-cost Benefits

Many employers voluntarily provide employees with additional fringe benefits that are not required by law. These can range from paid time off for vacations, sick days and holidays, to free parking and the like. (Click on the corresponding topics at left for an in-depth discussion of these and other available benefits programs.)

Many employers find that such benefits can enhance the total compensation package, while helping to balance its employees' work-life requirements. Many of these initiatives help ensure that workers are more rested and relaxed—and therefore more productive.

Employers also provide paid leave and similar benefits to help them attract and retain qualified workers with benefits that are comparable to those offered by other companies. Such benefits can often be more cost-effective than simply offering additional salary.

Voluntary benefits range from vision and dental insurance to legal and homeowner protection-perks that are available at little or no cost to the employer. The company's expenses are limited to administrative costs. Typically, employees pay the premiums. At a time when employers are trying to contain costs and retain employees, voluntary benefits have become increasingly popular--for both employers and employees...