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Fringe Benefit.

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    • Abstract:
      A fringe benefit is something given in exchange for the performance of a service. Unlike wages earned by employees, however, fringe benefits are often not in the form of money but in other value bearing forms. Some examples of fringe benefits are health care benefits, contributions to an individual’s retirement plan, the use of a company car, an allowance for housing or the provision of a low or no interest loan to assist with the purchase of a home, and additional vacation time. The main idea of fringe benefits is that they are intended to make a job more attractive to those looking for work, so that job applicants will gravitate toward firms that offer the most enticing combination of benefits. They are also intended as a retention device, meaning that employers try to offer benefit packages that will prevent current employees from resigning and seeking jobs elsewhere.