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Employee benefits are perks that are offered to employees in addition to their salary. These benefits can include health insurance, retirement savings plans, and paid time off. Employee benefits help to attract and retain talent, and can also improve employee morale and productivity.
Why companies in Philippines offer employee benefits?
There are a number of reasons why companies in the Philippines offer employee benefits.
Firstly, offering employee benefits is a great way to attract and retain top talent. By offering a comprehensive benefits package, companies can make their workplace more attractive to prospective employees. In addition, offering benefits can help to keep existing employees happy and engaged in their work.
Secondly, employee benefits can help to improve employee productivity and morale. When employees feel that their employer is invested in their well-being, they are more likely to be motivated to do their best work.
Thirdly, offering employee benefits is a way for companies to show their appreciation for their employees’ hard work. By offering benefits such as health insurance, paid time off, and retirement savings plans, companies can show their employees that they are valued and appreciated.
What are the top employee benefits offered in Philippines?
There are a number of top employee benefits that are offered in the Philippines. These include:
– Health Insurance: One of the top employee benefits that are offered in the Philippines is health insurance. This benefit can help employees cover the costs of their medical care, including doctor visits, prescription medications, and hospital stays. Health insurance can also provide employees with peace of mind in knowing that they will be able to receive the care they need if they become ill or injured.
– Paid Time Off : Another top employee benefit that is offered in the Philippines is paid time off. This benefit allows employees to take time off from work for vacation, personal days, or sick days without having to worry about losing pay. Paid time off can help employees stay refreshed and focused when they return to work, and it can also help them balance their work and personal lives.
– Retirement Plans: Retirement plans are another top employee benefit that is offered in the Philippines. These plans can help employees save for their retirement years, and they can also provide them with a financial safety net in case they need to leave the workforce early. Retirement plans can be an important part of an employee’s overall financial security, and they can help employees enjoy a comfortable retirement.
– Employee Discounts: Many businesses in the Philippines offer their employees discounts on products and services. This benefit can help employees save money on their everyday purchases, and it can also help them stretch their paychecks further. Employee discounts can be a great way to show appreciation for loyal employees, and they can help employees feel like they are part of a team.
– Employee assistance program: Employee assistance programs (EAP) are top employee benefits that offer confidential counseling, referral, and other services to employees and their families. These programs can help employees deal with personal problems that may be affecting their work performance, and they can also help employees get through tough times in their lives. EAPs can be an important part of an employee’s overall well-being, and they can help employees stay healthy and productive at work.
Top employee benefits providers in Philippines
Cocolife is one of the largest employee benefits providers in the Philippines. They offer a wide range of products and services, including health insurance, life insurance, retirement plans, and more.
Philam Life is one of the top employee benefits providers in the Philippines. It offers a wide range of benefits solutions that can be tailored to the needs of your employees. These include health insurance, life insurance, retirement plans, and more. Philam Life has a team of experienced and dedicated professionals who will work with you to find the best benefits solution for your company.
Cost of Employee benefits program in Philippines
The cost of an Employee benefits will vary depending on the provider, the size of the company, and the services offered.
The cost of employee benefits programs in the Philippines can be very high. The most common benefit is health insurance, which can cost up to $200 per month. Other benefits, such as life insurance and retirement plans, can also be quite expensive. For example, a life insurance policy might cost $50 per month, while a retirement plan could cost $100 per month.
MantraCare is one of the most cost-effective employee benefits provider with plans starting at $3 per employee.