Statutory benefits

Statutory benefits refer to the mandatory benefits that employers are required by law to provide to their employees. These benefits are governed by specific legislation and vary by country or region. They typically include contributions such as social security, unemployment insurance, workers’ compensation, and health insurance in some cases. 

The purpose of statutory benefits is to provide a minimum level of protection to workers, ensuring they receive essential benefits such as medical care, income support during periods of unemployment or disability, and retirement pensions. These benefits are financed through taxes or contributions that are usually shared between employers and employees.