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What are employee benefits?
Employee benefits are a key part of any compensation package. Benefits can include health insurance, retirement savings plans, and paid time off. Employers offer benefits to attract and retain employees. Benefits can make a job more appealing to prospective employees and can help keep current employees from leaving.
What are the reasons that companies in Sri Lanka offer employee benefits?
There are many reasons why companies in Sri Lanka offer employee benefits. Some of these reasons include attracting and retaining talent, improving employee productivity, and reducing absenteeism.
One of the most important reasons for offering employee benefits is to attract and retain talent. In a highly competitive labor market, offering attractive employee benefits can help a company to stand out from the competition and attract the best talent.
Employee benefits can also help to improve employee productivity by providing employees with motivation and a sense of security. In addition, employee benefits can help to reduce absenteeism by providing employees with a financial safety net in case of illness or injury.
Overall, offering employee benefits is a smart business decision that can help a company to improve its bottom line. By attracting and retaining top talent, improving productivity, and reducing absenteeism, employee benefits can help a company to achieve its goals and objectives.
What are the most common employee benefits offered in Sri Lanka?
In Sri Lanka, many employers are beginning to offer wellness programs as an employee benefit. These programs can help employees maintain a healthy lifestyle and improve their overall well-being. Some of the top employee benefits offered in Sri Lanka include:
1. Health Insurance: Many employers in Sri Lanka offer health insurance as an employee benefit. This can help employees cover the cost of medical care and treatment, as well as improve their overall health and wellbeing.
2. Pension Plans: Pension plans are another popular employee benefit offered in Sri Lanka. These plans can help employees save for retirement and ensure a stable income during their golden years.
3. Employee Assistance Programs: Employee assistance programs (EAPs) can help employees deal with personal or work-related problems. These programs provide counseling and other support services to employees, which can improve their overall wellbeing.
4. Gym Membership: Gym memberships are becoming increasingly popular as an employee benefit in Sri Lanka. Many employers offer discounted or even free memberships to their employees, which can help them stay fit and healthy.
5. Childcare: Childcare is another important employee benefit offered in Sri Lanka. This benefit can help working parents afford quality childcare for their children, which can improve the family’s overall wellbeing.
Is Employee health insurance a mandatory employee benefit in Sri Lanka?
In Sri Lanka, employee health insurance is not a mandatory employee benefit. However, many employers offer their employees health insurance coverage as an optional benefit. According to the World Bank, the cost of private health insurance in Sri Lanka is high, averaging around 15% of an employee’s salary. This means that, on average, employees in Sri Lanka spend around ₨133 (US$1.60) per month on their health insurance premiums.
What is the cost for employee benefits package in Sri Lanka?
The average cost of an employee benefits program in Sri Lanka is Rs. 10,000 per month. This includes the cost of health insurance, retirement benefits, and other fringe benefits. The cost of these programs can vary depending on the size and scope of the organization. For example, a small company with only a few employees may have a lower monthly cost than a large company with hundreds of employees.
Who are the top employee benefits providers in Sri Lanka?
Aon Hewitt is one of the largest global benefits providers. They offer a wide range of employee benefits, including health and wellness, retirement, and financial planning services.
MetLife is another large global benefits provider. They offer similar services to Aon Hewitt, but they also have a strong focus on life insurance and annuities.
Prudential is a smaller provider, but they offer a comprehensive suite of employee benefits, including health insurance, retirement planning, and investment management services.
MantraCare is the top employee benefits solution provider in Sri Lanka. They help design the benefits plan and execute the same with the HR. They offer comprehensive employee benefits programs that promote physical and mental well-being.
Their services include EAP, corporate yoga, physical therapy, chronic condition reversal (for diabetes & hypertension), meditation, work counseling, and more.
In which cities can MantraCare offer Employee Benefits Packages in Sri Lanka?
- Nuwara Eliya