Employee perks at a 12-year low
The total number of people receiving taxable job perks from their employer fell 600,000 to 3.6 million in the last year, the lowest point since 2007. The reason? Corporations are cutting costs as a response to the threat of economic uncertainty from the 2008 crisis and, more recently, Brexit. Confusion around which of these perks are tax-exempt has also likely pushed a lot of small businesses to leave employee perks in the past. When done right, employee perks can slow turnover and encourage staff performance. However, it looks like many businesses are viewing the cost and hassle as too high to justify the gains.
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