Fringe Benefit Vocabulary

SOURCE: Leon County Schools Adult & Community Education Career Education Guide

  • Bonuses - extra money given by some companies to their employees on special occasions

  • Credit unions - special company cooperatives that offer savings programs, checking accounts, and low-cost loans for members

  • Dental plans - insurance to help pay employee's dental care

  • Disability benefits - cash payments to an employee who is out of work because of sickness or injury not caused by the job

  • Discounts - reduced prices offered to employees for purchasing company merchandise

  • Education and advancement benefits - free education and training for promotion, management training courses, on-the-job training

  • Health insurance - insurance to help pay the employee's hospital and doctor bills

  • Holidays - certain holidays off with pay (for example, Memorial Day, July 4, Labor Day, Thanksgiving Day, Christmas Day, New Year's Day, Martin Luther King's Birthday)

  • Life insurance - insurance that will pay a certain amount of money to a person named by the employee if the employee dies

  • On-site medical programs - convenient, free, or inexpensive medical services

  • Profit-sharing plans - programs that allow the employee to buy stock and earn profits (money) as the company grows

  • Retirement programs - company programs that provide regular payments to the employee after retirement

  • Sick pay - a certain number of days off each year for sickness, with pay

  • Social Security - a federal government program that provides regular income to retired and disabled people (required by law)

  • Unemployment compensation - a government program that pays workers if they lose their jobs through no fault of their own, for example, if the employer goes out of business. To qualify, the worker must be able to work, but unable to find another job. (required by law)

  • Vacations - a certain number of days off each year for vacation usually one or two weeks with pay.

  • Worker's compensation - an insurance program that pays workers if they are hurt performing their job. (required by law)