Fringe Benefits

#TRAINlawDefinitionOfTerms

Fringe Benefits – means any good, service or other benefits furnished or granted in cash or in kind, apart from the basic compensation, by an employer to an individual employee (except rank and file employee as defined herein) such as, but not limited to the following:

1. Housing;

2. Expense account;

3. Vehicle of any kind;

4. Household personnel, such as maid, driver and others;

5. Interest on loan at less than market rate to the extent of the difference between the market rate and actual rate granted;

6. Membership fees, dues and other expenses borne by the employer for the employee in social and athletic clubs or other similar organizations;

7. Expenses for foreign travel;

8. Holiday and vacation expenses;

9. Education assistance to the employee or his dependents; and

10. Life or health insurance and other non-life insurance premiums or similar amounts in excess of what the law allows.