What are Voluntary Benefits?
‘Voluntary Benefits’ refers to the kind of benefits that are paid by the employee instead of the employer. The employee might be receiving these benefits at discounted rates since they are working for the employer or they might be exempted from paying the administrative charges for certain services.
The employee usually pays for these benefits with the help of payroll deductions which should be clearly mentioned in the pay slip. Since these benefits are generally provided by a third-party provider, the employees are made aware of the provider before they voluntarily sign up for receiving those benefits.
Some common voluntary benefits include medical insurance, dental insurance, vision-related benefits, gym memberships, legal services, financial planning services, student loans, etc.