Are you getting the most out of your workplace benefits? trends now
Employers offer a host of little-known work perks - but most are widely under-used by staff.
In recent years the number of benefits provided by workplaces has exploded, with everything from IVF support to counselling up for grabs at many organizations.
Figures from the Bureau of Labor Statistics show these benefits amount to an effective 30 percent pay rise for the average worker.
But employees are slow to take up the offerings. A study by insurer The Hartford found that 70 percent of employers believe their workers underutilize services, benefits and programs available to them.
While healthcare plans and 401(K) pots tend to have high take-up rates, there are a many other little-known extras that could save households thousands of dollars.
From support financing IVF to childcare benefits, Dailymail.com analyzes the value of the perks on offer.
Employers offer a wide range of little-known work perks which are going under-utilized by their employees
Child and dependent care benefits
Employer-provided childcare, or dependent care assistance, is a benefit where employers cover part or all of their worker's childcare costs.
This might be by providing on-site childcare facilities, reimbursing employees for childcare expenses or paying childcare facilities directly on behalf of their employer.
Workers who directly or indirectly pay for or provide dependent care also qualify for financial assistance.
These perks count as 'fringe benefits' and are exempt from federal income tax. Social Security, Medicare and federal unemployment taxes. This is capped at $5,000 a year (or $2,500 for married employees filing separately).
Employer support with childcare counts as a 'fringe benefit' meaning it is exempt from federal income tax
Federal tax exemption also does not apply to certain highly compensated employees.
These are defined as anybody who has owned more than 5 percent interest in the business at any time during the year or preceding year or if they received compensation from the business of more than $135,000 in the last year and $130,000 the year prior.
Workers must declare any dependent care benefits on their W2 form.
Fertility support
During the pandemic, interest in fertility preservation procedures like egg freezing shot up, with some clinics reporting they quadrupled their revenue in 2020.
It prompted a surge in employers offering financial support to their workers to cover the costs: in 2020, around a fifth of US employers offered egg freezing, compared to 5 percent in 2015.
Offering these treatments benefits employers too as it allows them to keep would-be mothers in the workplace for longer before they start a family.
For example, Amazon will pay for its workers to have a 1+1 Smart Cycle model from provider Progyny. The package - which is available exclusively to employers - offers free egg, sperm and embryo freezing and storage for up to one year.
In 2020, around a fifth of US employers offered egg freezing, compared to 5 percent in 2015
Meanwhile Apple offers up to $20,000 for fertility treatments, American Express provides support worth up
