Page 215 - Group Insurance and Retirement Benefit IC 83 E- Book

164 AS 15

(a) under formal plans or other formal agreements between an
enterprise and individual employees, groups of employees or their
representatives;

(b) under legislative requirements, or through industry arrangements,
whereby enterprises are required to contribute to state, industry
or other multi-employer plans; or

(c) by those informal practices that give rise to an obligation.
Informal practices give rise to an obligation where the enterprise
has no realistic alternative but to pay employee benefits. An
example of such an obligation is where a change in the
enterprise’s informal practices would cause unacceptable damage
to its relationship with employees.
4. Employee benefits include:

(a) short-term employee benefits, such as wages, salaries and social
security contributions (e.g., contribution to an insurance
company by an employer to pay for medical care of its
employees), paid annual leave, profit-sharing and bonuses (if
payable within twelve months of the end of the period) and non-
monetary benefits (such as medical care, housing, cars and
free or subsidised goods or services) for current employees;

(b) post-employment benefits such as gratuity, pension, other
retirement benefits, post-employment life insurance and post-
employment medical care;

(c) other long-term employee benefits, including long-service leave
or sabbatical leave, jubilee or other long-service benefits, long-
term disability benefits and, if they are not payable wholly within
twelve months after the end of the period, profit-sharing, bonuses
and deferred compensation; and

(d) termination benefits.

Because each category identified in (a) to (d) above has different
characteristics, this Standard establishes separate requirements for each
category.

5. Employee benefits include benefits provided to either employees or
their spouses, children or other dependants and may be settled by
payments (or the provision of goods or services) made either: