"Pay may be one of the best communication and alignment tools available to Management"
Benefits become a given if you don't communicate properly. Is this your case? If so, you may not only be losing a real competitiveness factor but also getting a lower return for your benefit invested money. Don't be afraid to remind employees once, twice and three times...
Benefits are locally driven. Premium plans are more valuable where medical costs for individuals are high, and there is no good option to private insurance. For example, employees would have a different perception where quality health care is government subsidized. The value that employees place on a benefit varies by country.
The right benefit "burden" varies by country. It also depends on the industry, your budget, amongst other variables. Bear in mind that some countries have more/less government-sponsored benefits, as well as mandatory, which also influence your cost.
The concept of "Benefit" is not the same everywhere. For example, certain countries consider allowances and working tools as benefits. You may want to revisit your programs and costs through this lens.
Certainly, some "perks" may look particular. Be careful as some are culturally valuable, even if they defy the logic in your country.
Let me offer a tip on cost savings: just by finding synergies and economies of scale (e.g. pooling vendors, fewer brokers, etc.) you could save a lot of money without compromising benefits that employees value