What is the difference between fringe benefit and perquisites?

Answer 1

The difference between a bonus and fringe benefits is that the fringe benefits are constant and a bonus is not. A bonus is usually paid out once a year based on work performance. A person can enjoy fringe benefits of working somewhere all the time, like a free health care plan.

Answer 2

The difference between perks and fringe benefits is basically who they are given to. Fringe benefits are usually given to all employees and consist of things like extra benefits in the form of a salary. Perks are usually reserved for senior employees and include things such as parking, travel costs and even childcare services.

Answer 3

"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.

Answer 4

The difference between a fringe benefit and an allowance is the fact that a fringe benefit is usually not monetary. It is a benefit, such as a leased car, or the opportunity to buy discount products. An allowance is monetary. It could be something like an allowance to be paid as a reimbursement for part of your cell phone cost.

Answer 5

A salary is the money you get each year and a bonus is something you get plus your salary, usually you would get a bonus for doing something excellent.