What are statutory monetary benefits designed to provide?

Statutory monetary benefits are designed to provide financial compensation mandated by law. These benefits ensure that employees receive specific financial support or compensation as part of labor laws and regulations established by the government. Examples include minimum wage laws, unemployment insurance, workers' compensation, and mandated paid leave.

This framework aims to protect employees' rights and ensure that they have access to necessary financial support in situations such as illness, injury, or loss of employment, thereby fostering a fair workplace environment. The nature of these benefits is to guarantee a baseline of financial well-being for employees, as opposed to discretionary benefits that employers may offer at their discretion.