Public Benefit
(noun)
A payment made in accordance with an insurance policy or a public assistance scheme.
Examples of Public Benefit in the following topics:
-
The Benefits of Socialism
- Socialism has a number of theoretical benefits, based on the idea of social equality and justice.
- On the spending side, a set of social policies typically provides free access to public services such as education, health care and child care.
- Social security schemes in which workers contribute to a mandatory public insurance program.
- Unlike private insurance, governmental schemes are based on public statutes rather than contracts; therefore, contributions and benefits may change in time, and are based on solidarity among participants.
- In theory, based on public benefits, socialism has the greatest goal of common wealth;
-
Fringe Benefits
- Fringe benefits are various indirect benefits, often of a more discretionary nature than standard benefits.
- Other fringe benefits can include employee discount programs at shops, hotels, gyms, movie theaters, and so on.
- The term "fringe benefits" was coined by the War Labor Board during World War II to describe the various indirect benefits which industry had devised to attract and retain labor when direct wage increases were prohibited.
- The term perks (also perqs) is often used colloquially to refer to those benefits of a more discretionary nature.
- Fringe benefits are also thought of as the costs of keeping employees other than salary.
-
Standard Benefits
- Standard benefits span a wide variety of employee needs, and represent a key reason for employees to find full-time employers who provide a full selection of standard benefits.
- Retirement benefit plans (pension, 401(k), 403(b)) - Employees are entitled to various retirement-related benefits such as long-term investments, pensions, and other savings for retirement age.
- The primary draw for most of these benefits is the tax benefits, whereas withdrawing this capital past the retirement age is tax free.
- Transportation benefits - Another common benefit is paid transportation.
- Particularly in countries/regions where public transportation is the norm (as opposed to personal vehicles), it's quite common for the employer to pay for all work related transportation.
-
The benefit of benefits
- Benefits can be required by government, offered willingly by employers, or arise from pressures within the company.
- Employee benefits that are not required by law are often provided.
- This is a benefit to employees because individuals will receive a portion of their income tax-free.
- Employers also benefit from offering these types of programs because they also receive tax benefits and they retain happy employees by providing programs that meet their needs.
- Benefits are also offered to employees as incentives.
-
The Exchange of Value
- Value is the relationship between the consumer's perceived benefits and the perceived costs of receiving these benefits.
- Formally it may be conceptualized as the relationship between the consumer's perceived benefits in relation to the perceived costs of receiving these benefits.
- Value can also be expressed as $Value = Benefits - Costs$
- Value is thus subjective (i.e., a function of consumers' estimation) and relational (i.e., both benefits and cost must be positive values).
- For an individual to deliver value, one has to grow his or her knowledge and skill sets to showcase benefits delivered in a transaction (e.g., getting paid for a job).
-
Benefits and non-monetary compensation
- Benefits and other forms of non-monetary compensation are becoming more appropriate forms of compensation for employees in today's workplace.
- A benefit is a "general, indirect and non-cash compensation paid to an employee" that is offered to at least 80 per cent of staff (Employee Benefits Definition).
- On average, 40 per cent of payroll is dedicated to non-cash benefits (Kulik, 2004).
- In order to attract, retain, and motivate the best employees, benefits and other sources of nonmonetary compensation should be considered.
- Benefits are also related to the type of industry in which the company does business.
-
Employee Retirement Income Security Act
- ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans
- Gives participants the right to sue for benefits and breaches of fiduciary duty
- If a defined benefit plan is terminated, guarantees payment of certain benefits through a federally chartered corporation, known as the Pension Benefit Guaranty Corporation (PBGC).
- Before ERISA, some defined benefit pension plans required decades of service before an employee's benefit became vested.
- Accrued benefits under a defined benefit plan must become vested at 100% after five years or under a third seventh year gradual vesting schedule.
-
Putting benefit perception and service together
- Safechem, a division of Dow Chemical, is a solvent distribution company that incorporates benefit perception and service into a portfolio range offered to general industries across Europe.
- Instead, Safechem focuses on the benefits its customers seek by travelling to the place where its customers work and applying their needed solvents for them.
- By selling square metres of cleaning' rather than gallons of solvents, Safechem: (1) extends the life of its materials, (2) focuses on the benefits its customers seek, and (3) reduces waste and costs by reusing its materials instead of having to make (or buy) more.
-
Benefit perception and service
- Instead, they're seeking the benefit the product delivers.
- For example, when an airline passenger purchases a ticket, he or she seeks the benefit of traveling from one place to another; no one expects to purchase part of the plane.
- Personalized service not only keeps customers coming back, it can also help a business keep track of the benefits its customers seek.
-
Detriments of benefits
- Benefits can provide companies with ways to attract high quality employees and help retain them especially if the benefits offered are significantly different or better than the benefits offered by competitors.
- However, there are negative situations that can arise from offering too many or the wrong kind of benefits to employees.
- In order to attract employees that fit their unique company culture, SAS has developed an extensive employee benefit program that is offered to all employees at the company.
- For the ideal employee, however, the benefits more than compensate for an unimpressive salary.
- Benefits at SAS include: private offices for all employees; contributions of 15 per cent into employee profit sharing plans; 200 acre natural campus setting with on-site hiking trails and picnic areas, sculptures, and artwork; the latest technology and equipment; 35 hour work week; on-site medical facility (including nurses, doctors, a physical therapist, massage therapist, and mental health practitioner), five minute waiting time for appointments, and free healthcare for employees and their families; health plans that cover most basic needs and offer "cost accountable" services for services that are more extensive; on-site Montessori daycare at 33 per cent of the cost of normal daycare; on-site private junior and senior high schools, open to students from outside of SAS, with high tech laboratories and equipment; free on-site gym for employees and families with a pool, exercise classes, yoga, weight room, etc.; cafeteria with high quality food at low prices, live piano music, and the option of dining with your children if they attend the on-site schools; subsidized memberships offered for health clubs and daycare off property; company owned country club memberships at significantly low costs for employees and their families; and more.