Understand different types of employee benefits and how to implement effective allowance structures.
What is the difference between perquisites and benefits-in-kind?
Benefits-in-kind Benefits-in-kind are benefits provided by or on behalf of your employer that cannot be converted into money. This means that when the benefit is provided to the employee, that benefit cannot be sold, assigned or exchanged for cash either because of the employment contract or due to the nature of the benefit itself. For example, […]
How to determine the value of living accommodation?
Definitions “Defined value”, in relation to living accommodation provided for an employee by his employer, means: Where the accommodation is not affected by any written law providing for the restriction or control of rents and the person so providing the accommodation holds the accommodation on lease the rent which is or would have been paid […]
How to determine the value of benefits-in-kind?
Benefits-in-kind (BIKs) are benefits provided to the employee by or on behalf of the employer that cannot be converted into money. When taxable, BIKs must be added to the payroll so they can be included in the PCB calculation. So how to determine the value to be added to the payroll? There are 2 methods specified […]
