Individuals who’ve been working for so long have indeed received several benefits for their hard work. Over the years, companies have continued to think of exciting rewards or perks for their hard-working staff. Nowadays, the younger generations tend to have distinctive needs and wants, so firms are looking for ways to give back what they’ve earned by providing unique tax free benefits for employees.
The majority of firms find ways to enhance these packages without blowing the company’s budget. Fortunately, employees’ needs and wants evolve, and firms can include several tax-free benefits into their list of perks that would let them feel secure and valued.
Family Care Support
Employees will experience unfortunate events that involve their family members or any of their dependents at some point in their lives. Every year, they are provided with a certain amount of money which is considered a non-taxable benefit. During these times, when they are too stressed to think of ways to financially and emotionally support their loved ones, a particular amount of money can go a long way.
Paying for Their Phone Bill
Everyone in the office uses smartphones to make work-related calls. Gone are the days when they pick up the telephone and place a call through the operator, which is automatically charged to the company’s phone bills. Today, one of the tax free benefits for employees is that the firms pay for their communication bills. Any work-related call made through their mobile phones will be reimbursed or paid by their employer.
Gift Cards and Gift Certificates
Staff love to receive special rewards. Giving them gift cards or gift certificates is another excellent form of rewarding their efforts. It may not be that much, but perks that will allow them to have a front-row seat to their favourite NBA or NFL game or eat at a Michelin five-star restaurant can make them feel special. It’s the thoughtfulness of their employers that makes a significant impact on the employee.
Further Education Program
Training is vital for any business. Facilitating a series of learning opportunities and career development programs can be considered as tax free benefits for employers, which would benefit the staff and the firm. Some companies send their staff to a formal school, pay for the cost of attendance, and attend a further development course. Whether it is the learning opportunity to reskill or upskill, this benefit is something every employee would look forward to receiving.
With technology playing a massive part in every business operation, firms issue smartphones, laptops, and notebooks for their staff to use them for work-related activities. Any equipment provided by the firm so employees can seamlessly perform their job can be a form of non-taxable benefit, as it eliminates technology issues that may come in their way. Unlimited communication allowance, most advanced software and hardware, and a high-end laptop are all non-taxable benefits that are worthwhile company investments.
When work requires travelling to different places, the company would issue vehicles instead of giving transportation allowance. Aside from the convenience it provides to the employee, cars are practical as the staff can use them for any work-related functions, and the firm pays for its petrol consumption. This is another investment that is one of the tax free benefits for employees that is practical, efficient, and promotes the employee’s welfare. Instead of bothering themselves by taking public transport or using their vehicle, a company-issued car will do a lot better.
Image Credits: Kelly Sikkema