Employee Benefits Administration is the process of determining and managing the benefits offered to employees. This includes setting up new employee benefits, enrolling employees in benefits plans, overseeing benefit payments, and handling any changes or updates to benefit plans. EBA can be done in-house by a company’s HR department or outsourced to a third-party vendor.
Determining and managing these benefits can be complex, and that’s where Employee Benefits Administration comes in.
There are several different types of employee benefits that employers can offer. These can include paid leave, sick leaves, vacation days, and life insurance. Health insurance is another common benefit that is often offered to employees. Employees may also have the ability to participate in retirement savings plans, such as 401(k)s or 403(b)s. Employers may also offer other benefits, such as tuition reimbursement or child care assistance.