Vested benefit term used for benefits employees have the right to receive even if their employment ceases .
Vested benefits :
A vested benefit refers to an asset or a privilege that may be granted to an employee as part of a guaranteed financial package offered to any person or entity. Usually, the term “vested benefit” is used to denote the retirement savings that a person may become eligible to access upon reaching their retirement age
What does it mean when an employee is vested?
“Vesting” in a retirement plan means ownership. This means that each employee will vest, or own, a certain percentage of their account in the plan each year. An employee who is 100% vested in his or her account balance owns 100% of it and the employer cannot forfeit, or take it back, for any reason.
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