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Employee benefits are the noncash compensation offered by employers to their employees as part of the total compensation package. The benefits offered by employers generally reflect a basic care and concern for the well-being of employees and the importance of that well-being to employee productivity. For the most part, employee benefits may be placed in one of three categories: health-related insurance, financial insurance, and quality-of-life benefits.

Health-related benefits, which include health, dental, vision, and disability insurance, are designed to provide for the health care needs of employees and, in many instances, may be extended to include their spouses and/or dependent children. The purpose of financial insurance, which includes retirement and pension plans, life insurance, and flexible spending accounts, is to help employees become more financially secure. ...

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