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In Cafeteria plan plans, the employer allocates a certain amount of money to each employee and lets the employee spend that money for benefits that suit him or her.
Work of Cafeteria Plan
Although it has nothing to do with food, a cafeteria plan receives its name from a cafeteria. Before payroll taxes are calculated, employees can select the benefits of their choosing from a pool of possibilities supplied by their employers, just like people make meal choices in cafeterias. As workforce diversity increases and workers look for more individualized benefits that are catered to their requirements, these plans become increasingly beneficial.
The insurance choices available under cafeteria plans include contributions to health savings accounts (HSAs), group term life insurance, and disability insurance.
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