Total Fringe Benefits

{
  "id": "MLC-T-ECS-001947",
  "term": "Total Fringe Benefits",
  "field": "Economic statistics",
  "definition": "This item is the employer's costs for social security tax, unemployment tax, workmen's compensation insurance, state disability insurance pension plans, stock purchase plans, union-negotiated benefits, life insurance premiums, and insurance premiums on hospital and medical plans for employees. Fringe benefits are divided into legally required expenditures and payments for voluntary programs. The legally required portion consists primarily of federal old age and survivors' insurance, unemployment compensation, and workers' compensation. Payments for voluntary programs include all programs not specifically required by legislation, whether they are employer initiated or the result of collective bargaining. They include the employer portion of such plans as insurance premiums, premiums for supplemental accident and sickness insurance, pension plans, supplemental unemployment compensation, welfare plans, stock purchase plans on which the employer payment is not subject to withholding tax, and deferred profit-sharing plans. They exclude such items as company-operated cafeterias, in-plant medical services, free parking lots, discounts on employee purchases, and uniforms and work clothing for employees.",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/total-fringe-benefits/"
}