A cafeteria benefit plan is an arrangement allowing employees to choose which types of benefits they would like rather than being handed a standard package by their employer.
Some may choose to have more comprehensive health care plans, others may be more interested in retirement schemes or life insurance. These cafeteria benefits, also known as flexible benefit schemes, have advantages for both employees and employers. Some companies offer a flexible benefit budget to their staff allowing them to “buy” the benefits best suited to their needs. The employees can then pick and choose what is best for them and companies can offer new types of benefits more quickly as they don’t need to extend them throughout the firm.
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| Source: http://www.leavitt.com/NewsAndEvents/BenefitsInsuranceNewsletters.aspx?eid=5165135623222576249 For more info on Cafeteria Benefits Plans, you may visit this links: http://www.dummies.com/how-to/content/cafeteria-benefits-plans-offering-choices-to-emplo.html http://humanresources.about.com/od/salaryandbenefits/g/cafeteria-plan.htm |
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