Difference between fringe benefits and perquisites
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Difference between fringe benefits and perquisites

tsmcharlesmba Started The Discussion:

Hello Friends,

This forum has been much useful to me in knowing various HR Concepts without any ambiguity.I thank all the members for contributing your anwers. Can someone help me in knowing the "Difference between fringe benefits and perquisites"?

Regards
Charles.P

vrajeev - Member Since: Nov 2006
Hi Charles, "fringe benefits" means compensation due to an employee pursuant to a written contract or written policy for holidays, time off for sickness or injury, time off for personal reasons or vacation, bonuses, authorized expenses incurred during the course of employment, and contributions made on behalf of an employee. In simple terms, all the monetary and non-monetary benefits beyond salary.

Perquisites or 'perks' as they are popularly known is the monetary content of fringe benefits. Perks are taxable according to Indian tax laws.

best wishes
Rajeev.V

K.P.MISRA - Member Since: Sep 2006
Dear Charles,
Anything in addition to Guaranteed Cash Compensation is Fringe Benifit.
Basic Salry and Allowances constitute GCC. Conveyance, Retirals,Houshing,Loans,Credit Card, Telephone, Insurance Coverage,Club Membership etc. are all Fringe Benefits. FB and quantum of FB is not guaranteed.

Perquisites are those facilities which the position carries. For example- once you are promoted to the position of Sr.Manager, you will be eligible availing car under company's own your car scheme.

Hope, I am clear to u.

Regards,
K.P.Misra

pulsar180 - Member Since: Nov 2007
Hi Charles,

Fringe Benefits can be monetary and non-monetary. It can be given through or after the employment.

Main thing is that its all concern with employment only not with the performance.

Some fringe benefits are :

Disable benefits.
Housing Facilities
Canteen facilities
Conveyance facilities
Children facilities
Post retirement benefits etc.

Regards

Vikas

Perks are similar to perquisites

Sci Fi - Member Since: Jan 2009
how do we differentiate the above? If an employee is entitled to car with respect to his designation, is that vehicle monetary or non-monetary benefit? Thanks n regards, Safi

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