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Glossary of Human Resources Management and Employee Benefit Terms
Several key differences distinguish employee meal cards from regular debit and credit cards:
Preloaded cards provided by employers for the exclusive purpose of purchasing meals, often as part of employee benefits.
Employee meal cards are prepaid cards or vouchers issued by companies to their employees for covering meal expenses. These cards function like digital payment systems, allowing employees to purchase food and beverages at designated vendors or restaurants.
Here's a typical workflow:
Several key differences distinguish employee meal cards from regular debit and credit cards:
Meal card balances can be managed and recharged in several ways:
The specific method of managing and recharging cards depends on the program chosen by the company.
No, employee meal cards are typically restricted to specific merchants who have partnered with the program. These vendors may include restaurants, cafes, food delivery services, or grocery stores within a designated network.
Yes, several limitations and restrictions may apply to using employee meal cards:
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
The tax implications of employee meal cards depend on the program design and local tax regulations. In some cases, the employer's contributions to the meal card may be partially or fully tax-deductible. For the employee, there might be tax benefits depending on how the card is used and whether it qualifies as a "de minimis fringe benefit."
It's crucial to consult with a tax advisor for specific guidance on the tax implications of employee meal cards in your individual situation.
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