Employee Welfare Schemes means the benefits provided to the employees of an Organisation, over and above their Salary, for the comfort of employees and to keep their motivation levels high. As a result, company may retain their Top & Consistent Performers for longer period.
The welfare Schemes need not be in monetary terms only but in any form.
The Objective of Employee welfare scheme is to create Companies loyal, satisfied & efficient Employees.
The Employee welfare schemes are as follows :
- Employer Employee Scheme
- Employee Retention Scheme
- Group Gratuity Scheme for Employees
- Group Leave Encashment Plan for Employees
- Group Medical Cover Policy
- Group Personal Accidental Insurance
- Group Term Assurance Plan for Employees
Benefits of above Schemes
- This makes workers to pay more attention towards work and thus increases their productivity.
- Employers get stable manpower by providing welfare facilities.
- Employees take active interest in their jobs and work with a feeling of involvement and participation.
- These Schemes increase the productivity of organization and promote healthy relations among company and employees.
- The above schemes also reduces the burden of Companies future Liabilities i.e. may arise due to accident, retirement, merger and acquisition etc.