a benefit program in which an employee has a choice of credits or dollars for distribution among various benefit options, e.g., health and disability insurance, dental benefits, child care, or pension benefits. (see Cafeteria Plans; Flexible Spending Account).
A system of benefit provision in which employees are given a choice on the makeup of their total benefit package from an employer.Typically, under such a system, employees may choose how much of the money made available by the employer would be used for the provision of pensions, death benefits, disability health insurance, holidays, etc. Minimum limits may be laid down for certain benefits, either because they are specified by the scheme design or are made necessary by employment law or by Revenue Practice . Often called, simply, 'Flex'.