Employee benefits

In summary , When you think employee benefits, think pensions. (amounts paid to the employee for years of service) There are two types Defined Contribution and Defined Benefit.
Defined Contribution – by ‘defined’ we know how much to contribute to a pension fund and once the company has done this, It is up to the pension fund to invest these amounts and pay you, the employee an amount. (which is unknown until retirement).
On the contrary, with defined benefit, the company makes you ( the employee) a promise of a fixed amount and must meet current obligation to satisfy this promise.
As it relates to accounting, there is a liability aspect (how much the company owes) and an Asset, how much the company has contributed thus far ( and out of which employees who have attained pension age are paid). Now this is where you have to learn the formula and also understand the line items.

E.g. The interest you see in the charged on liability and Assets, refers to the ‘unwinding” of the asset or liability. remember the time value of money.

I hope this gives you an brief understanding because it is a lot to know, if not, Ill answer any questions you may have.