In this case, "employee benefits" includes wages and salaries as well as pensions, life insurance, and other perquisites.
Accordingly, most of the standard is taken up with explaining the rules for long term employee benefits.
For example, if the employee remains in employment until his retirement age, then he may be entitled to a pension, often calculated by reference to his average salary in the period running up to their exit.
But if he leaves service before being entitled to a pension, he might receive a benefit such as a return of contributions, or a deferred pension payable from normal retirement age, depending on length of service.
Accounting for the costs and liabilities relating to such plans raises several issues.