Definition of Accrued benefits:
Accrued benefits are a form of income employees receive, but is income not immediately paid. For example, a worker may collect vacation time based on hours worked. For example, a new employee may only earn two weeks of vacation (accrued over the year) but a veteran of the company may be able to accrue more days or weeks based on their years of service.
Accrued benefits are those benefits that employees earn at a later time in their employment. These types of benefits can include sick pay, personal time off, and other related benefits that employees earn or accumulate the longer they work.
Total amount of a pension plan as on a specified date, whether or not the employee is eligible to access it. Accrued benefits are determined in accordance with the terms of the pension plan, and are based on the plan participants salary package and period of his or her service to date.
How to use Accrued benefits in a sentence?
- Once eligibility starts, employees will accrue benefits like sick and vacation days. .
- Some companies have a vesting period before an employee is eligible to accrue benefits. .
- Some accrued benefits are paid out when an employee retires. .
- Accruable benefits are those earned over a period of time at work.
- Another definition of accrued benefits is the coverage earned by an employee for their pension plan. These pension plans are based on years of service with a company. .
- Ownership in company stocks is another form of accrued benefit offered by some employers. .
Meaning of Accrued benefits & Accrued benefits Definition