Fringe benefits are non-wage pay given to workers in addition to their customary compensation. These advantages can incorporate different advantages, for example, medical coverage, retirement plans, downtime, organization vehicles, and different conveniences. In the United Arab Emirates, the Gulf Cooperation Council, and the Kingdom of Saudi Arabia, fringe benefits are frequently utilized by businesses as a strategy for both attracting and keeping top talent and encouraging employees to work harder and remain with the company for a longer period of time.
In the UAE, GCC, and Saudi Arabia, housing allowances, travel allowances, and education allowances are among the most common fringe benefits. Lodging remittances are frequently given to employees who should migrate for work, while venture out stipends are given to workers who need to go for business related purposes. Employees who wish to pursue additional education or training to enhance their skills and knowledge frequently receive education allowances.
Offering employees fringe benefits can help businesses stand out from the competition and make the workplace more appealing to them. However, it is essential for businesses to check to see that they are adhering to all applicable laws and regulations and that the benefits they provide are in line with their overall compensation strategy.