What is Cafeteria Plan?
An employee benefit plan that allows staff to choose from a variety of benefits to formulate a plan that best suits their needs. Cafeteria plan options may include health and accident insurance, cash benefits, tax advantages and/or retirement plan contributions.
Also known as “”cafeteria employee benefit plan”” or “”flexible benefit plan””. Read more for examples and further explanation including related video clips and also comments
Example explains Cafeteria Plan
Similar to a cafeteria where individuals select their food of choice, employees may choose benefits of their choice. These plans become more useful as diversity within workforces continues to grow. For example, the benefit needs of young families may differ greatly from those of a single person.
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